My previous and two current DV7s do get hot, but those are the 4100 and 4300 series. I had a 4400 that was much better. FWIW, my DV6 which is a VERY similar design Envy is very cool. Then again, it is an quad A10 and not an intel. My 4400 was an i7 though.
One suggestion that I would have is to think about getting the larger battery. As good as they have gotten, the i7 will naturally drawn more than an i5.
Assuming this will be used as a desktop replacement with occasional use off the desk, standard may be ok.