hi,
as you can imagine i own sv4,5,6 and 7 files. as long as i cannot get the CD or the same song in sv7 i'll still listen to my sv4 tracks without any pain

these old versions were quite satisfying for listening-only (not archiving) purposes. also, you'll never know which parameter set (now "profile") was used for encoding.
there were so many changes in between 4-7... i cannot remember all... but there were some changes which lead to a more stable quality and fixed problems with transients, low amplitude signals, harmonics, stereo-image. the effect is that the overall bitrate is much higher comparing sv4/5 to sv7 files. on most (uncritical) signals i guess the audible difference is present, but not annoying (mostly the older files sound a bit more "muffled" or "noisy" -- especially via headphones).
so, i would recommend not to re-encode if you only listen to the music for entertainment, but re-encode the tracks if you aim towards archiving...
andree