My standard answer is that the L5s are better out of the box for ease of set up and placement than the L7s. Any LF deficiencies can be accommodated with a sub or two.
However, for pure stereo enjoyment, I far prefer a pair of L7s as four-way, full-range systems. Once the L7s are properly set up, there's a kind of magic about their imaging, soundstage, and presence that the L5s and a sub can't quite match. It may be the coupling of the side firing LE120H-1 woofers, but it really is better, IF everything is set up correctly. Getting there can take some doing.
L7s are great stereo speakers. L5s are very good stereo speakers, and L5s, L3s, and L1s can be employed successfully in surround sound configurations, supported by subs. I would not recommend L7s in a surround set up.
I have one pair of L5s. I have three pairs of L7s plus a single one for parts. I obviously don't need all those L7s, but when I see them going for peanuts, I have to get them before someone buys them and parts them out. The cabinets are part of the specialness, and once the parts are redistributed, the cabinets get thrown out and will never be reproduced.
Hope this helps.