Hiya Nick
I sold the V1 last year, so at the moment I have been filming exclusively with the 7D both underwater and topside. When a new 'camcorder' comes onto the market that meets all my requirements I'll probably buy it, but until then the 7D is performing really well and the more I use it the more impressed I've become. It can still be a pain in the ass at times though and you have remember that it is not a 'camcorder' so you are limited in how you can use it (not great for run and gun type shoots etc).
I did some topside side by side comparisons with the V1 and to be honest there really wasn't a comparison. I've done topside side by side comparisons with an EX1 and we ended up using the 7D footage for 80% of what we shot. Underwater the 7D's 1080p quality is really superb and I'd love to do a side by side shoot with an EX1 to see how they compared.
I've mainly been using the 10-22mm EFS lens and I've had no focusing issues with that. I've also done some macro using the 100mm EF lens and while it wasn't impossible to get a good focus it was harder.
Sure the 7D has got its faults but it is reasonably compact and easy to travel with and in its price range it doesn't really have a lot of competition (you can get it underwater cheaper than you can buy and EX1 and the 5dmkII is double the price of the 7D for very little if any additional benefit).
Cheers, Simon