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
arm7 is more optimized for the iPod Touch (3rd Gen) and iPhone 3GS and newer. You need to use 'Standard/arm6+arm7' when building for older devices. In practice, I haven't seen much performance difference in my applications.