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In my opinion it's a tough call. The 08 has a new interior option too. It's up to you it is worth giving up the rest of the summer waiting for your 08. Besides some modest price increases for 08, I would guess that there won't be the steep discounts we're seeing on 07's right now.
07 discounts + have it now <> 08 features + price bump + wait till summer is over.
2008 will have the new LS3 motor....that's where the added hp comes from. There will be some cosmetic changes, but biggest deal will be the LS3. If you're not in a hurry, I would say wait for an '08.