A good lens for sports is a good idea. Notice that unless you often find that you try to shoot sports indoors, you can just as well save weight and money and go for the EF 70-200 mm f/4L IS USM. It will do anything the EF 70-200 mm f/2.8L IS USM does, except open up to f/2.8, better. If you want something that really outclasses the EF 70-200 mm f/4L IS USM, you have to shell up the money for the EF 70-200 mm f/2.8L IS USM II, but that's quite a bit more expensive.
Indoors, there's a point in the f/2.8. There could be outdoors too, if there's artificial lighting available. But if not, which is the case where I take photos of sports events, the f/2.8 is pointless. In daytime, with a camera like the 7D, there is no need for anything larger than f/4. When darkness comes, it's just a few minutes at dusk that f/2.8 will help, and then it's too dark for that too. When that happens, I change to the EF 85 mm f/1.8 USM, a lens which costs significantly less, even combined with the 70-200 mm f/4, than the 70-200 mm f/2.8 does, and still is more than one stop faster than the f/2.8 lens. If the subject doesn't move, the IS in the 70-200 mm f/4 will assist you in bringing your shots home anyway.
The size of the rear LCD is the same for the 40D and 7D, but the 7D display has higher resolution and is better to view in strong ambient light, like sunshine.
The menu system is nearly identical in the two cameras. Exactly the same principle, just a few things that have moved around in the 7D, compared to the 40D. And a few new features added, of course.