I installed Fedora 7 yesterday. I didn't use the Live CD, and my old-fashioned environment choices mean I don't get heavily exposed to the themes and artwork, so I haven't noticed any revolutionary changes. But as you would expect after 6 month's work, there are many small but nice improvements. yum feels a lot faster. And there's emacs 22, with GTK support. I was worried this would break things, because I'm heavily dependent upon emacs and ELisp packages for such things as reading email. But so far everything is working perfectly without any tweaks.
However, the bug that annoyed me back in Fedora Core 6 is still there. I know that Fedora is now a community project, having flown its Red Hat nest, so If I really cared about this I should leap in and help fix it. Well, I do have a decent internet connection now, so it's not a real problem for me as it was last time. But the installer still tells you that you can customize the set of installed packages afterwards, even more prominently than FC6 did. And it still isn't true, unless you have a good internet connection or spend a lot of time on the workarounds.