I've just run abcl-1.1.0-dev the ANSI-COMPILED tests on jdk-1.7.0_03 with reasonable looking results of 31 failures, which is roughly the same number as those run with jdk-1.6.0_31 (some of the tests use randomly generated data so they sometimes either fail or succeed).
Previously, I think that we weren't even completing the ANSI-COMPILED test suite due to issues in the character set encoding, so I think we should now more fully endorse running ABCL on Java7.