Honestly? I own both, and use the IIIf regularly... but the Canon 7 has sat on the shelf for years.
The major benefit of the separate RF in the IIIf is it's much higher magnification - 1.5x life size. Focusing accuracy (and certainty) is greater as a result. In comparison, not only is the Canon 7's combined RF/VF something like .8x, but the rangefinder patch is small and vague in comparison to the IIIf's rangefinder for me. I just don't trust the Canon for a wide open Summicron when close up, for instance. And the two windows in the IIIf so close together that bouncing my eye from one to the other is just as fast as looking at the RF patch and then taking in the whole frame on a combined window, so I feel like I'm gaining a lot more than I lose.
To be honest, I like the Canon 7 for 35mm. That's where it shines. It's a great body for one of the faster Canon 35mm lenses, but for anything else, I'll always take the IIIf. Fast 50s are easier to focus, collapsible 50s make it a smaller overall package and easier to carry, I prefer external VFs for longer focal lengths, and the Canon 7 can't do any focal lengths other than the 35/50/85/100/135 set due to the lack of an accessory shoe.
Even if you only use the IIIf for a collapsible 50 and a Voigtlander 21 or 28, it's already justified its place alongside the Canon 7, as far as I'm concerned.