My take of the recent 7D Mark II speculation.
Based on the previous experience, I noticed most of CR's rumors would be proven credible when the final product released. This assumption leads me back to the 7Dii rumor archive. Carefully sorting through the limited information there, we may find all those contraversial pieces actually can form a big picture:
Dec 28, 2011
Photokina 2012 announcement conforms with this rumor which almost can be taken as a fact (CR3?). However two different formats mentioned here: APS-C or APS-H (which actually indicates the new release is not a direct sequel of the current 7D, since APS-H will not take EF-S lenses. Is this the same suggested by the Feb 14 rumor?)
If the current thread about 70D & 7Dii is credible, then will it be possible that the two formats mentioned on Dec 28 were actually from two different bodies? As the next few rumors suggested, both 70D and 7Dii can be treated as the new "update" of current 7D to certain degree.
Feb 14, 2012
"Canon will not make an update for 7D", can be two different interpretations. It could indicate that 7D line is discontinued like 1D4, or it could also mean that too much changes are made to the update candidate, causing some basic compatibility issue (like the change to APS-H could introduce) and cannot be called an "update".
If the update of 60D (i.e. 70D) will take the current 7D position as suggested by that rumor, I would expect the new 70D will be a little inferior to the current 7D. (This is further confirmed in May 9 rumor stating the 60D and 7D will meet in the middle in terms of features and build quality.) In this case, if Canon doesn't at the same time providing a superior "update" for 7D, the very popular and market successful top APS-C 7D will be ended up with an "Inferior" update only. Does it sounds too weird?
This also indicates the coming new 7 series release will not be called 7D mark ii, probably 7Ds or 7DX.
May 9, 2012
This rumor is mainly about the inferior update 70D. The details elaborated here further confirmed 70D is not the new release in the 7 serious.
May 14, 2012
Traces are not very clear here. It sounds to me, information from 70D and 7Ds/7DX are mixed together which buffled CR.
May 21, 2012. The current thread.
Rumors become clearer now. We have two different "updates" of 7D.
What caught my attention is not the specs listed here, but the carefully total avoidance of sensor! Given the current MP and DR hypes, what Canon needs most at this moment is certain degree improvement in sensor technology.
Given Canon's leading position in lens technology over Nikon, I would expect the main battle area for the two big giants in the next few years will be in the sensor area. However, if Canon places in directly a counterpart high MP body to compete with Nikon, and coundn't beat it (which is quite likely from what we can see now), Canon might risk some landsliding loss of market share. If I were Canon, I would try to use some indirect approach, without direct confrontation. One of best candidates to test Canon's new sensor technology is an APS-H body. If it succeeds, then it can be introduced in a FF body. If it fails, it's still a comparison between apple and orange. Besides 7 series is not flagship, any failure in it will not cause any big disaster.
If let me speculate, the most possible megapixel in the possible APS-H 7Ds or 7DX could be around 21MP to 24MP. 21MP is around 36MP in FF in terms of pixel density. 21MP in APS-H has larger pixel size than current 7D, which should naturally provide better IQ given all other factors are kept the same. If any extra improvement can be provided, the new 7 series body is almost for sure will be a success, and that will buy enough time for Canon for its high MP body.
DISCLAIMER: my above take is actually heavily biased.
I am fully captured by the 24-70L II, but my most used focal range is somewhere from 30 to 90mm. That needs an APS-H body to shift the range to my favorite area. Hence, the hope of continuing APS-H line.
;D
but again I wish Nikon will kick Canon's a** to release competitive products in the mid price range. Given the resources Canon has, I don't think they'll withdraw from the race, so the only way is forward. 
