11-22 is about 6mm wider than 14-54. 22mm vs 28mm in 35mm term. thus 7-14 might be an entirely different beast altogether. btw 11-22 is hellavu sharper than 14-54.
Chances that if you don't see me owning it, it ain't sharp! :bsmilie:
Having used both lenses, I would say that their sharpness is comparable.
However, the 11-22mm is a more fussy lens - ie, there can be some flare if you tilt the camera incorrectly. For me, the 14-54mm is more forgiving. Inside castles and museums, I would prefer the 11-22mm as it allows better composition of the ceilings, etc.
For external shots, the zooms gives the photographer more flexibility. One can take portraits too.