For all people looking at video, it's a huge disappointment, because even if you don't need 4K now, you might need it in the coming 4 years.
I personally would have bought 3x 7D2 if it was 4K as addition to my 1DC, now i have 3x GH4.
I've stopped looking to Canon to solve my video requirements. Why worry? The Panasonic GH4 is just awesome. I'll probably get another one. The Panasonic glass is compact and classy. With the new Metabones MFT Speedbooster my Canon glass is an option for video usage too. Cool!
However I'm pretty excited about the 7DII for stills. Most work is shot on the 5D3 and the 1D4, but the 1D4 with well over 500,000 clicks may soon be getting a bit tired. I like having a good crop body, though like WW I'm an APS-H fanboy. The x1.3 crop APS-H 1D4 is an absolute classic. Even with the high milage, I won't be completely retiring it any time soon.
The awesome AF of the 7DII is what interests me. For evening events work the 1D4 is has lousy AF when the light is low, only saved by a Yongnuo 622C with it's very bright AF assist. With a 7DII I can leave the Yongnuo 622C at home and enjoy Canon's best AF this side of the 1DX. And it's inexpensive! Having used very nicely evolved touch-screens on the GH4 and SL-1/100D, it's disappointing that this great feature didn't make the cut.
Really looking forward to checking out some high iso 7DII RAW files. I'd only expect a modest gain over the 7D and don't really expect a match with the 1D4, but if 3200 is usable I'll be a happy camper.