7E7 will be a good plane. Not sure if Boeing will pull off the new 747. They tried to sell the same thing a few years ago and got little interest.
Embraer is the guy to watch out for, the Emb170 and Emb190 are the best plane in the A318/B717 market. 100-110 seats, much more comfortable than a regional jet and fuel stingy.
They proposed a much more radical redesign with entirely new less hightly swept supercritical wings, fly-by-wire controls and new engines. This is a much more conservative update. Most of the technology updates for the 747 have been already developed for other programs. The wings have the same structural parts as the 747-400. The engines and avionics upgrades and interiors are borrowed from the 787. The wing tip concepts, landing gear and windows are borrowed from the 777. The wing control surfaces will be redesigned to be simpler and lighter.