I have finally install Java 7 on my laptop. The Java install runs just fine. Getting maven to find it however was a little tricky.
To make Maven find Java 7 the JAVA_HOME variable is required again. This hasn't been used for a while since Maven have been able to find Java anyway. But with the switch to 7 Maven still uses Java 6 by default.
I always use .bash_profile to change my environment variables since I tend not to need them else were. It is located in the users home directory (I.E. ~/.bash_profile).
The path to the new Java install is '/Library/Java/JavaVirtualMachines/1.7.0.jdk/Contents/Home/'. So the complete setting should look like this:
When this has been configured Maven will use Java 7.