http://www.pentax.jp/japan/support/download/digital/k7_s.html
(in Japanese, English Translation by Google Here)
New Features:-
1. New video editing function for clip splitting and deletion of spilt clip(s);
2. New real-time electronic level display on LCD monitor (like that one in the 645D);
3. Resolved the display conflict between the level meter display and the exposure/metering indication in M and X exposure modes;
4. New Custom Image "Reversal Film" is added (645D has that);
5. (CD)AF can now be engaged under LiveView mode with the shutter release button. And, the AF speed is improved (N.B. which is needed to be verified and confirmed anyway).
Update (7-29): There is a bug report about the Electronic Level's display (in)consistency, see:-
http://forums.dpreview.com/forums/readflat.asp?forum=1036&thread=35910251
It is reported that whilst the viewfinder and top monochrome LCD both shows the same thing, the back LCD could be different! :-0 So, the 1.11 firmware is coming soon! ;->