If there are any advantages at all... couldn\'t find anything conclusive in the docs.
Apparently armv7 is for newer version of iOS... is it faster? smaller? Better a
You must compile for both if you want your app to run on iPad and all iPhone/iPod toch models. Older iOS devices use arm6 and new ones use arm7.
The only reason to not compile for one or the other would be reduced app size since it only needs one compiled version of the code. But unless you have a seriously large codebase, this file size difference will be pretty marginal.