You may want to try the free version of the Comodo Firewall.
I used it for a while. But, the last time I installed Win 7, I just stayed with the Win 7 Firewall, as I rarely use Windows for anything anyway. I run Mepis 11 (a Linux distro using a Debian Stable base, with community supported repos enabled for newer versions of apps) around 99% of the time.
So, the last time I did a clean install of Win 7 on my primary desktop, I forgot to install the Comodo Firewall again, and I just let the install default to using the Firewall built into Win 7 (which doesn't give you any information about apps that are trying to "phone home", although there are some third party front ends to it that do that kind of thing that allow you to tweak it's behavior).
Basically, I only use Win 7 for checking problems reported by others using IE (I'm the "Forums Manager" and Administrator for a Digital Camera Review site), sometimes helping out with camera reviews where I may need to install a camera manufacturer's software in Win 7.
So, I don't boot into Win 7 very often except to update the Operating System, Antivirus databases (I use Avira Antivir Premium), browsers, and plugins (Adobe Flash Player, Acrobat Reader, etc.).
But, the last time I did use the free version of the Comodo Firewall, it seemed to do fine, and it did support alerts when applications are trying to phone home (and I think it came already configured with a "white list" of commonly used apps, but you can probably modify it's behavior for stricter control).
You'll see a download link to the free version of it on the right side of this page:
http://personalfirewall.comodo.com/
It seemed to "play nice" with other security products I had running (Avira Antivir Premium, ThreatFire, the M86 Security Add-on in Firefox and more), too,
Note that I also use Comodo Secure DNS (which doesn't require any software to work), since they maintain a real time blacklist of pages with malicious content and that gives me another layer of security.
Basically, you just plug their DNS Server Addresses into your Firewall (and you can access most Firewalls via
http://192.168.1.1 ), so that it uses the Comodo DNS servers instead of the defaults (routers will default to the DNS servers used by your ISP unless you configure them otherwise). Here are the IP Addresses you'd use for your Primary and Secondary DNS servers in your router's configuration screens:
8.26.56.26
8.20.247.20
More about Comodo Secure DNS here:
http://www.comodo.com/secure-dns/
--
JimC