On the two Macs I've sold on Craigslist, I used Disc Utility to do a 1x overwrite on the HD, then installed all the software I was including with the computer (by the time I sold them, they couldn't run the latest versions of OS, iLife and maybe some others, so I install them all and give them the discs).
Is a 1x overwrite truly secure? I'm sure it would be possible for a pro to glean some personal information, but what really are the chances that the person you're selling it to will be criminally inclined and a profession? However, when you add the new installs on top of the overwrite, I'm sure it would be hard to get much out of it.
Yes, if you're paranoid, the 7x overwrite is probably smart. It will take some time, though (maybe not too bad on a MacBook Air with the solid state drive).