I've been thrashing the MT7's for a few weeks now and so far so good (mostly)
The good:
The Maguras are far more powerful than my old SRAM Codes but at the expense of a little modulation which is a trade-off that I'm happy with. The 2 pad configuration is interesting and I'm looking forward to trying different pad variations. On the trail, they're consistently strong and I've not experienced any fade. Weren't too difficult to setup/bleed but I did need to rebleed after the first ride to get all the bubbles out. The bleed kit is a must and comes with everything you'll need to set up and service for the life the brakes.
Not so good:
I toyed with the contact adjustment didn't really notice a difference. The overall lever quality doesn't impress me either, the 'plastic' is light but I'm dreading the day when they a serious hit. The match-maker system is not as good as the SRAM/SRAM, you can't adjust the position of the clicker in relation to the brake lever. I found the 'shiftup' clicker too far away with my lever in its natural place, and I had to move my hand between shifting and braking.
Verdict: If the only difference between in the MT5's and Mt7's is the lever, I'd go for the MT5's or even run a 'Shigura' configuration. The cheap feel of the lever is the only let down on an otherwise perfect brake.