Upload & Sell: Off
Not to sound negative about this rumor, but I think alot of people are expecting to this camera to surpass the 1D4 but I really don't think that will happen. The 1d3 is better than the 7d, the 1d4 will be better than the next 7d, and the 1DX will still be better than the next 5d3. I'm looking at this from a marketing viewpoint and of course I'd like to see all the 7d, 5d3, and 1dx updated soon.
It might (might) be naive to limit the comparison just to Canon's cameras. Nikon's D7000/D7100 have sensors that outperform the 7D and the AF to keep up, and they might even compare well to a 1D IV, excepting their very limited buffers and pedestrian (70D-like) build quality. Pentax's K-3 lacks only lenses.
So a 7D II with equal or better than 1D IV IQ coupled with a 5D III body and AF and FPS that splits the difference between the 5D III and 1D X would make business sense, especially considering the lower volume nature of high-end semi-pro APS-C cameras and their propensity to stay around for a while. Note that as old as the 7D is (almost five years?), Nikon's discontinued competitor is even older.