I double checked the release notes and didn't see a mention of this - but two nice bug fixes are in ColdFusion 7.0.1 that relate to Application.cfc.
First - remember the bug where cflocation calls would run onError? That is fixed.
The second bug involved onSessionEnd. If you did not specify a specific session timeout value and relied on the default in the ColdFusion Admin, the onSessionEnd event would never fire. This has been fixed as well.