i think the 7D is for wildlife/ action photographers. As you say, an updated 1D MkII (dare i say 1D MkIII) for a lot loss bucks.
Not seen a bad review yet - and the pictures seem quite nice as well. 18mp crop sensor producing file sizes almost the same as a 5D MkII or 1DsMkIII - can't fault it.
I'm not so much of an action/ wildlife photographer so the 5D MkII really does suit my needs. The only action shots i really take are trains and i can work them out with ease - even manual focus if needed!
(how sad is that?)
Focusing speed and lock is my only gripe wit the 5D MkII - it is slow and can be fickle! And yet at high iso it flies (6400, 12,800 or 25600)