fz7 can still buy when it comes.
I have an fz5. this one will be good for a grab and go with 12x zoom.
I was at my kids graduation and sitting in the auditorium, all of them looked like ants on the stage, so the 12x will be very handy!
you should have 3 cameras...a compact one for basic grab-and-go, a medium one like the FZ7 for zoom and manual controls and a DSLR.
since the dynax 5D have been discontinued and I don't believe sony's new model prices will be appetising, I wonder if its better to go for the Pentax istDL instead...cheaper and still current model.