This new release uses numbering scheme, 7 is for the year 2007 and 11 is for november.
Phoronix claims it adds support for the new HD3870 and HD3850 but I can't find that anywhere in the release notes. If true it'll be interesting if someone can benchmark these new cards on Linux.
Support for Kernel 2.6.23 has been added which is important for users of newer distro releases.
Hopefully with more improvements ATI users can start to enjoy the same great performance/features that nvidia users (me included) have enjoyed for years.
Phoronix Article Release Notes Download Page