They do seem to compete. The V7 makes less power than the Thruxton although I read somewhere that the 2013 model has increased power by 12% to 51hp. Like the Thruxton, there are a host of modifications that can be done to improve handling and performance of the V7. In that respect they are similar ie lots of style on the showroon floor at a modest price whilst being suitable for upgrades for riders that want more.
2004 Thrux, FCR39's, Uni, 813 cams, Works shocks, drilled Ricor valves, Pieman ignitor, green springs, Beringer caliper, preds, damper, brace, Corbin Gunfighter, custom tinware, JMC swingarm, Brembo radial M/C, oil cooler, rearsets, dropped forks