I replaced these same bulbs in our '98 Sienna back on July 21st. There are four bulbs illuminating the instrument panel. This picture which shows the back side of the panel will show you what to expect:
http://i902.photobucket.com/albums/a...9/IMG_9844.jpg
Note in the linked picture how there are four, bigger bulb sockets and several smaller ones. These four, larger ones are the ones you want to replace to light your instrument panel back up.
I bought my bulbs at the dealership and paid way too much. ($6.97 each, times four, ouch!) The part number from the dealer is 83109-24020 and their description is 12 volt, 3.4 watt. I googled bulb #194 and it looks just like the bulbs I bought from the dealer. I think the extra money I spent paid for the little green rubber jacket that goes over the bulb. Don't worry, you can easily peel this jacket off the burned out bulb and roll it over your 194 bulbs.
Now, for the heating / air conditioning controls, there are two bulbs to replace, and they are smaller than the 194. I bought these at the dealer as well, but I can't get my hands on the part number right now. These are easily accessed at the top left and top right of the A/C control panel. Just like the instrument panel, these two bulbs' holders are removed with a simple twist. EDIT: I found the dealer part number for the A/C panel bulbs. That number is 90069-98004. Maybe having this number will help you confirm that your number, 2721, is a good substitution. I paid $4.69 each for these two bulbs.
Yes, I would go ahead and replace all four of the instrument panel bulbs, and both of the A/C bulbs. Once you do this job you'll find it's so simple you won't mind doing it again down the road if a bulb burns out. Here are the "how to" articles that I used. I would be glad to post some pictures and maybe make a video if you would find it helpful (?)
how do i replace instrument panel light bulbs in 99 sienna?
2000 Sienna Instrument Cluster Lights
http://wiki.answers.com/Q/How_do_you..._Toyota_Sienna
Let me know if pictures would help!