Yes, I am also considering the 7d as a kinda camcorder replacement.
BUT at the moment I do not use the camcorder much, maybe an hour whilst on holiday, so it is more of a consolidation for me.
ALSO, as your movies are going to be a lot more important than the type of thing I take, one thing that you may wish to consider, is that the auto-focus on the 7d (in movie mode) may not be as fast as a camcorder.
Whilst in movie mode, the camera is forced to use contrast based focusing, or, make a 1 second gap whilst the mirror moves into place for standard focusing