I'm looking at these two MB's. Other than:
the $11 difference between the two boards,
the POST display and Guru feature,
minor differences with connector locations

Are there any reason I WOULDN'T want the AN7?

I did find some issues with the AN7 from reading a few test reviews:

The POST display can be hidden with a card in the bottom slot,
there is a cap in the way of one of the other PCI slots,
the southbridge gets really hot,
VERY LONG BIOS saves! (anyone notice this?),
voltage stability issues at high FSB & VCORE settings with the NF7-S v2

I don't overclock and the Guru feature I probably wouln't use much, but I DO like the POST code display since I have one in my Epox 8-RDA (though that is easier to see).

In a WWF raw deathmatch, it would be tough to pick a winner out of those two. And it doesn't help that both are made by Abit! But, I would have to side with you on the AN7 if only because it uses the NForce2 Ultra 400 chipset, and not the slightly older version like the NF7-S. This is also helps with RAM support, making DDR400 a must-have even your CPU doesn't use a 400MHz FSB (you can then lower the latencies! :D).

If you really want to nit-pick, go ahead and pay attention to those things like "there is a cap in the way of one of the other PCI slots". Personally, I wouldn't care. How many PCI slots are you going to use, anyway? In a do-it-all power rig you'd have a soundcard, a TV tuner, a second vid card, and a SATA/IDE controller card, right? Maybe not even that much. So many things are built into mobo's now that extra PCI cards aren't much needed. Heck, you can even buy mobo's with built-in firewire and an extra LAN port!

I guess what I'm trying to say is don't get lost in all the little details or you'll never end up buying a mobo. They'll all fall flat of what you think is "the perfect mobo".

It wasn't just the cap, it was the other things also. The Nf7-S v2 is suppose to be more stable at overclocking and more/better bios upgrades according to others which surprises me since this isn't their top end board.
You are the first to favor the AN7. Most perfered the NF7-S v2 mentioning the Post code display & the Guru chip not being worth it or problems with them.
Both of these MB's have the same chipset don't they? It is the v2 I'm talking about. They both say the ultra 400.

I wouldn’t over look that PCI slot having a Cap blocking it.

It is not nit picking when you find out you need that slot.

Be it caused by a Sound card or network card that will not function in another slot or a configuration conflict ..

Finding out you Can’t install a card because of a transistor or capacitor
Can Be a royal pain the back side.

It was interesting that out of the 4 or 5 reviews I read about these boards only ONE mentioned that. Same goes for the POST display being blocked by the bottom slot if that would be used and the long bios saves!

Anyone notice this about the long bios saves?