Hotbodies has the 1/7 scale Lightning Street that made it's way into a magazine for a review not too long ago. It really comes down to purpose at to what you want or need.
If you are going to race - forget it. Touring cars are 1/10 scale, some 1/8 scalers at some tracks - the HB 1/7 scaler won't be allowed to race in 99.98% of places.
If you are just out to get an R/C to run around a local parking lot or up and down the street - then by all means, it would probably be a blast. I don't remember how it did on the review, but I can tell you that it is based on their Lightning 1/8th scale buggy. With that, I would assume you can expect about 45 MPH out of it (only an assumption, I don't remember if it was a two-speed or not, but the buggy it is based on runs about 45 at most). I have no idea how it would handle, brake, last in a crash, or anything like that. Put that with very limited body selection, possibly hard-to-find parts, and I'll leave it up to you, but I would skip it for something more popular and widely-supported as far as parts, upgrades, and racing.