Huge fan of 7mm here. Berger makes a 180gn bullet with a .674 BC and Hornady's 154gn SST at .525. I'm running the bergers at 3050fps without even getting over book max and not showing any pressure signs and the Hornady's at 3070. There are downsides and upsides.
Hunting Downsides: The bullet is really clicking along and imparts massive damage with lightly constructed projectiles (core-lokt 150's) at close ranges. At longer range it's still a real killer and less abusively destructive. I stopped using it in the woods since those shots were always too close and resulted in huge meat destruction. I would only use it for open country work anymore but I almost never hunt anymore.
Hunting Upside: I don't think there's an animal on the continent that won't go ahead and lay the heck down after a good swat with a 7mag. Controlled expansion bullets helped me with excessive meat damage at close range but only so much. High sectional density in most bullet weights helps penetration. No animal I've ever shot with one has ever had its heart beat another time after the bullet struck. Talkin' dead right there, ain't movin'.
General Upsides are many. Huge range, huge killing power, moderate recoil, plentiful bullet selection from varmint to big game to really big game to match, high BC's are easy to find, every manufacturer I've checked out makes a rifle chambered in 7RM and retail ammo is commonly sitting on just about every gunshop shelf in the country, even in the back woods.
General Downsides: The belt. That damned belt. Grrrr, the belt. Short case neck helps speed throat erosion. Seriously overbore so barrel life is further limited. It's pretty darned loud. You really need a 24" or longer barrel (I lean toward 28"). Limited brass life. Kinda big on the powder appetite.
I use IMR 4350 exclusively with the 7RM. I've done other powders like H1000 and W780S and Retumbo and wasn't happy. I called my dad who's been reloading 7RM for 25 years and he said, "Just get IMR 4350." He was right. Just get IMR 4350. I also use Federal primers exclusively with my magnums.