I've never used S7 but every maker I've spoken with says it does not take or hold an edge well. It may be very tough, but I don't know if it's a knife steel, especially when you have other options like CPM154CM or CPMS30V or plain old S90V which will definitely take an edge and make a very resilient knife.
Pulling on Cliff Stamp tin foil hat:
I believe there are two main mechanisms in play when we talk about edge retention. One is dulling where the edge wears away, the other is where the edge fails due to chipping or rolling.
CPM154, S30V and S90V are all high carbide steels with good abrasion resistance, where S7 has low abrasion resistance. But the strength of the steel (and the edge stability) is largely a function of its yield strength, which is strongly correlated with the hardness. In fact, S7 has a higher compressive yield strength than any other steel I have looked at, for a particular hardness. So, S7 at HRC 58 should hold an edge at least as well as any of those other steels in a non abrasive application at that same hardness, but it will also be tougher and stronger, all else being equal. So, a blade to be use to hack through something or stab stuff would be a good candidate for S7.
A blade to cut cardboard, rope, string, paper, and just about anything else you can think of, the steels with carbides in them such as S30V will hold a better edge. But for hacking, wacking, and dagging

, I think S7 might be better...