Our product platforms provide testing and certification against specific JDK versions, so if you are running SOA-P my first bit of advice would be to check with RH support on the status of Java 7 certification for SOA-P 5.x before making a move.
From a pure community standpoint, SwitchYard works on both Java 7 and JBoss AS 7. You can find downloads here for a pre-bundled AS 7 + SY combo and an installer for installing SY into an existing AS 7 runtime. SwitchYard will be supported as part of SOA-P 6.0, which has not been released yet. If you're looking for commercial support, then SOA-P 5.x is the way to go.