IE7 will NOT be released via SUS 1.0 or SUS 1.0/SP1
Yep, IE7 will be available via WSUS, but not SUS 1.0 or SUS 1.0/SP1.
1 November 2006 (English only) has been confirmed as the date IE7 will hit WSUS.
Status as an "update rollup" is confirmed (meaning IE7 will not automatically deploy).
So sayeth the WSUS Product Team Blog: