Indeed this is happening in dim light. However the 1DMKIII is still shooting at 10fps in M or TV in the same lighting conditions and same shutter speed ie 1/2,500.
I'd imagine that in M mode the AF & metering would not affect the shutter speed and fps
Perfectly reasonable assumption but wrong for the 7D. This appears to be a bug (or a
feature if you like

) of this camera when in continuous high speed drive mode. Here's my typical base setup:
- Back-button AF; i.e., AF-ON button set to AF and metering start and shutter button disconnected from AF system. So the shutter release should be unaffected by AF considereations (as long as I'm not also pressing the AF-ON button)
- Manually set ISO. So metering associated with Auto ISO calculations shouldn't have any bearing on drive speed.
- Shutter button half-press set to AE lock. So once half-pressed or fully pressed exposure metering and calculations also should not have any bearing on drive speed.
- PQ set to full RAW with High Speed Noise Reduction and other such things all turned off. So (you'd think) light levels and ISO and consequently varoius kinds of in-camera processing shouldn't have any effect either.
So in High Speed drive mode if I AF and meter on a random target with the AF-ON button, lock exposure with a shutter half-press, then release the AF-ON button, and lastly fire the shutter: in P, Tv, and Av modes the drive will fire at 8 frames per second no matter what the light conditions are (provided of course that the shutter speed is high enough and the buffer doesn't fill); but in M mode the drive speed will vary with the lighting from a high of roughly 8 FPS with decent light to a low of a bit more than 4 FPS in the dark (literally). On the other hand, a similar slow down
does not happen in Live View!
Agreed. This can slow AF response, making it more difficult to achieve focus.
This will also slow down the iFCL metering which is used to drive the metering display in the viewfinder.
I wasn't aware of this issue, but it's the only explanation that fits the facts, especially the difference in behavior between using the viewfinder and Live View. And as such, I think it can only be called a bug in the firmware. I can't think of a single good reason why this metering is required during a high speed burst. At the very least Canon should have included a Custom Function to disable it or to give priority to drive speed under these conditions.