This does sound as the 70D to me... then I would be happy.
I agree, these would be pretty disappointing specifications for a 7D MkII, even if the new sensor was superb. It would make more sense if this was a 70D prototype, allowing the 7D MkII to raise the bar.
This said, it is possible that Canon and Nikon are "collaborating" to deny users a high performance APS-C body, thus forcing them to switch to full frame... Rumours and conspiricy theories go hand in hand!
Outside of the 10fps, i totally agree. this camera sounds good, but not great. if people waited 4 years for this, i don't think they'd be happy, but not too thrilled. I think these specs make a great 70D, except toss in about 5-6fps instead.
If this is the 7D, it would have to be $1400 bucks to compete with the D7100, which I think has great specs, scores good reviews, and is priced aggressively.
I'd say Canon would be better tossing in a 5DIIIish AF, 2 card slots, and 10fps at a price of $1999. That would be a sexy APS-C camera that would excite all camera fans, not just die hard Canon fanboys.