On the contrary. Aside from a couple of features I'd like to see Adobe rethink and a tendency to require more RAM, version 7 is one of the best since version 2, in my not so humble opinion.
Though, as with everything, you're mileage may vary. It all depends on how well tuned and up to date your computer is, what type of video you plan to edit and how deeply you like to edit. For some people and some workflows, there are clearly more effective alternatives.