The original R7 was a nice looking bike, but it never won anything, so it's all emotion, it doesn't really have a legacy. As road bikes they are just collectors items now. There's one for sale in Yorkshire if you want one. 
You couldn't be more wrong. And I should know....I owned the R7's three, limited edition homologation specials (FZR750RR, 0W01, YZF-SP). I would have completed the set, and that was the intention, but the cost of the R7 was well beyond my reach.
It was much, much more than being about "nice looking" and race record. I'll explain below so everyone understands.
There's was 2 ways manufacturers could go about racing a bike. They could take a very good streetbike with DNA from their race knowledge that sold in the many thousands that anyone could buy at their local dealer (RC51 or R1, say). That bike would then be turned into a race bike. Or they could make a homologation race special, sold in very few numbers (50 per market, 500 total) that was a race bike from the get-go. These typically had all of the brands technology thrown at it and some parts that could be classified as "unobtanium". They also typically had parts on them that were ill-suited for the street (particularly the transmissions). And they were particularly expensive (R7 was $50K+ CDN). And the factories (allegedly) loss money on every single one...which was a big deal because Japanese companies are so conservative. Such was their commitment to racing. Which is why these are special.
And while the RC51 is spectacular in its own rights, it's wasn't a homologation special like the 2 previous bikes; the RC30 and RC45. Some might argue the RC51 was the more successful racer (champion in AMA Superbike, World Superbike, Suzuka 24 hours, etc) but the RC30 and RC45 are still much, much more special. That's also the reason they cost 10 times (or more) what you can buy an RC51 for. And the R7 is one of these.
So yea, I think calling the new bike an R7 tarnishes the legacy of the factory specials. Especially with the equipment/performance on the new R7. Heck, the new R7 makes 50% less power than the smaller R6!
For people here who don't know bikes, the automotive equivalent would be if Corvette publicly sold the C8.R (or Porsche 911 RSR) with a 4 banger making 200HP and not actually including any of the racing bits on it. And still called it the C8.R or RSR.
Now all of that being said...I don't think the new R7 will be a bad bike or anything. It's just not a "real" R7 to me (and others).
