From what I have listed for S7 in Jim Hrisoulas's The Master Bladesmith it has about 50 points of carbon which doesn't leave a whole lot of carbon for martensite or carbide formation. Medium carbon content is a characteristic of the S series steels. Not great wear resistance because of it, as Joe noted. It's going to be rather red hard and slow to move under the hammer due to it high molybdenum content. The high chromium content will probably cause problems with welding. It's air quenching which will also cause some problems forging, if that's what you have in mind. Tempers on the low side. Hrisoulas lists 300 degrees for an HRc of 58 so you might want to go to about 400-425 for an ax or a chopper with a thick edge.
Also, if you are forging, he recommends that you preheat it to about 1200-1300 degrees and soak for about 5 minutes before taking it up to a yellow to start forging and stop forging once it reaches a bright red.
Doug