GCC 7 has been in "stage three" for a while now meaning only bug/general fixes landing, but they are planning to enter stage four on 19 January. When stage four begins, only wrong-code fixes, bug fixes, and documentation fixes will be accepted.
While they are moving ahead to this final stage, Jakub acknowledges that right now they have more high priority regressions (P1 through P3 priorities) than they did at this time with the releases of the past two years: GCC 5 and GCC 6.
GCC 7 currently has 12 P1 regressions (the highest priority), 138 P2, and 88 P3. There are also another 164 P4/P5 regressions. More details via this morning's status report.