Ok, so after playing with it for a few minutes, I've uninstalled it. Here's my list of things that I like and dislike.
Things I like:
It handles RSS feeds better than Firefox does. (Firefox does it via Live Bookmarking)
I like the Add-Ons (Similar to extensions, but not as good).
Things I don't like:
Can't move the navigation tool bar.
Didn't thing tabs were implemented as well as in Firefox.
Search bar seemed too much; didn't want to set google as the default search.
I also don't care for the "home page tabs". It seems to go against the idea of the "home page". Firefox allows you to bookmark pages in groups and select the option to open them in tabs.
All in all, the 5 minutes I spent with IE7 (plus installation/uninstallation and 2 reboots) makes me that much more greatful for Firefox.