So this goes out on Monday morning rather than my usual Sunday afternoon schedule, simply because I was away from a keyboard most of Sunday. It happens.
Partly because of that, I got a couple of pull requests (networking, usb, misc/char) that would have missed this rc with the normal timing, and it's a bit bigger as a result. Not huge, but considering how quiet the beginning of the week was, it's definitely noticeable, and the one extra day added about 25% to the size of the rc.
That's not enough for me to go "uhhuh, uncomfortably much this late in the rc game" but I also happened to look at the calendar last week, and it dawned on me that I have the kernel summit travel coming up, and if I do the usual release cadence, I'd be on the road during the worst time (for me) of the merge window - the first five days.
So I do suspect that with my timing (and a number of other developers are probably going to be traveling for LPC and KS too) I'll just make an rc8 even if it turns this Labor Day week ends up being very quiet and there might not be any _technical_ reason to delay the release.
NOTE! If you are a submaintainer, and have your pull request all ready to go for 5.4, you should - as always - feel free to just send it early. I already have one 5.4 pull request in my inbox, and I much prefer the early ones over the late ones. So if you were planning for the normal cadence, just go on with your life, and ignore the likely one-week release delay due to conference travel.
As to what happened in rc7 itself: the shortlog is appended, and nothing huge stands out. The diffstat is mostly fairly flat, which means it's a lot of small changes, with just a few blips: rxpc, openvswitch, cifssmb cleanups, turbostat utility update, and some embargoed hw issue process documentation.
But the bulk of it is small fixes all over: drivers, networking, arch updates, documentation, filesystems..
Would I have been happier with things being even calmer? Sure. But it all looks pretty normal.