Just to emphasize what waffle said, it's all relative to what you're training for and what your goals are. I'm in the midst of training for another marathon this fall. Depending on the distance I'm running that day, sometimes I run at my marathon pace, other days I run at a much faster pace. All depends on the distance.
I would definitely say a 7 minute mile is at least decent, if not even better than that. I'm not sure what my absolute best mile time is, but about 6-7 months ago I did a V02 max test on a treadmill, with a 1.5M run, and I was able to do that at 9 minutes on the dot. I'd be curious to know how fast I could run a mile if I went all out. Maybe we should all have some form of a friendly competition. I know I could do it under 7, and think I can do it under 6.