That approach may be ok if you're a hobbyist or amateur but would you be prepared to continue taking the risk if you shoot for a living?
The cash in the bank won't help if your 7D fails during a wedding or one-off event somewhere sometime.
Zoooming
The cash in the bank won't help if your 7D fails during a wedding or one-off event somewhere sometime.
Zoooming
No, it's a backup. The 7D has never let me down so I've never needed it.
Actually I'm seriously considering selling the 40D while it still has some value. Originally I kept it until I was sure the 7D was ok. Then it didn't seem worth selling it - it wasn't worth much and I figured it was worth keeping on the shelf for the security of having a backup. But now I'm leaning the other way - I might as well sell it, because if the 7D ever did fail I could pick up another body within a few hours if I had to. My backup would be having the cash in the bank, you could say.