Technical write-up on a preproduction FS7: http://www.dvinfo.net/article/acquisition/sonyxdcam/first-look-sony-pxw-fs7-l-s-s-shoulder-mount-camcorder-part-1.html
Canon only has the C500, at more than twice the price and far worse ergonomics, to compete with the FS7 right now. Sony is running away with the market.
Talk about the specs all you want, the images we've seen (which is pretty much nothing) out of the FS7 don't compete with the C300. Let's remember Sony has their own high end market to protect as well.
Again, let's remember what people were saying about the FS700 as the Canon Cinema killer: