S7 is known mainly as a shock absorbing tool steel. For example, it's used in jackhammer bits.
As for 5160, IMO Joe Talmadge described it very well in his often-cited essay on blade steels ("The Knife Steel FAQ"):
"A steel popular with forgers, it is popular now for a variety of knife styles, but usually bigger blades that need more toughness. It is essentially a simple spring steel with chromium added for hardenability. It has good wear resistance, but is known especially for its outstanding toughness. This steel performs well over a wide range of hardnesses, showing great toughness when hardened in the low 50s Rc for swords, and hardened up near the 60s for knives needing more edge holding."
With regard to the Ontario Ranger knives, it does seem that Justin Gingrich - the original owner and designer - continues to work closely with Ontario.
He has a justifiably excellent reputation.
I have an Ontario Ranger RD6 (and an original Ranger RD9).
The fit, finish, edge, and overall build quality on the RD6 is very impressive, and
I wouldn't hesitate to buy other knives in the Ontario Ranger line.