I've programmed both systems since 1986 (S5, later S7, PLC2,3,5,CLX). S7 has a complete different programming strategy than any AB PLC.
Usually, S7 programs are much shorter than AB, because you should use FC's. I agree, it's a pain if you do not have your own FC library, once you have it, programming is like 25-50% faster than AB. Also it gives you the ability, to upgrade a single part of your program (and as long, as you don't have to mess with the FC interface, you can upgrade only without interupting the process!)
S7 does not require additional tools like RSNetworks; all IO configuration is edited and kept in the project (and is much easier than AB).
S7 offers a wide range of scalable performace (dependig on what series and CPU you use.) In general, a S7-416 ist about 3-7 times faster than a CLX 5555! If you need performance, S7 is the better choice.
It's right: S7 is more like a RISC-Processor but it's in your (programmers) hand, to squeeze the best out of it.
It's right: Communication is a pain in the ... , but this does not apply to profibus DP - I/O connections. They are faster and easier then anything from AB.
S7 does very much support multiple people working on one project. You can centralize the project on one PC and access it from multiple stations simultaniously, Step7 will take care for the project consistance. (pretty good for commissioning!)
S7 also supports all kind of user defined data types (UDT), same as CLX.
S7 is more difficult to learn! Manuals are pretty bad (ok for referencing if you know what you do). Once you know, what you do, it is lightyears ahead of what AB can offer.