Well you can do HSS (High Speed Sync) with the M7 and the pricey 54MZ series of Metz flashes and the SCA 3502 shoe, but only at 1/250, 1/500 and 1/1000s. Since this flash mode actually fires a series of small bursts from the flash, the output is very reduced, but adequate for daylight fill flash. However, you have to use manual flash (with a range readout on the flash LCD) not TTL, and manual camera shutter speeds. You can do regular TTL auto flash at or below the 1/50s normal flash sync, with full flash power. The M7 will not fire flash at 1/60 or 1/125s (just as M6 TTLS will not fire flash above the sync speed) and will only do HSS flash above those speeds.
Confusing? Well a bit arcane, to be sure, and the 54MZ flash is a bear to remember how all its functions work. The 54MZ manual dwarfs the M7's instruction booklet. It's got more complex functions built in than anyone ever uses, and an only OK user interface. But, with the M7, the 54MZ is the most advanced flash system in the M line, and is occasionally useful.