5200 really is not a giant leap over the 7000, except for maybe the MPs.
I do not think the D5200 is a leap over the D7000 at all. If anything, even with the jump up in pixels on the 5200, the D7000 is still a better camera.
The D7xxx is a prosumer camera while a D5xxx is an entry level camera albeit an advanced entry level.
It all depends on what you consider the words "better camera" to entail. The 5200 is going to have better image quality, no doubt about that. Dynamic range is pretty much the same. 5200 performs better at higher ISO, that's a given. They both share the same AF system now. So, where was the 7000 a better camera? Okay, it has the in body focus motor, shoots faster (by one FPS), max shutter speed is faster and the viewfinder coverage is larger. Who cares where Nikon fits their cameras in their marketing strategy. When you get a 7100, you can then tell me that it's a better camera than the 5200. However, in the end, it all depends on who is standing behind the camera
Pixels does not make a camera. Just because The D5200 has 24MP over the D7000's 16MP does not mean it has better IQ. I never print more than 8X10 and unless you are making posters the 5200 is not automatically better because of pixels. The ISO performance of the D7000 is well known. It is one of its strong points.
Among some of the things you mention is the build quality, Magnesium alloy vs plastic on the 5200. 7000 is better sealed against dust and the elements. The 5200 does 12 bit RW while the 7000 goes up to 14 bit.
The 7000 does Commander Mode while the 5200 does not. This was actually one of the main features I was looking for. Lighting is at least 75% of a quality photo and the 7000 kicks booty with the options available. In fact just going through the menu will illustrate the options and versatility of the 7000 compared to the 5200. Faster max shutter speed and sync. along with two SD card slots that can be configured in a few different ways... Overflow, Copy, or split Movie and pics or RAW and JPEG.
Don't get me wrong the D5200 is a fantastic entry level camera the D7000 just has way more options and is a bit more like a pro camera.
5200 will have overall better IQ: Nikon D5200 vs D7000 - Our Analysis
Never said that MPs make it better. You have to take in all the variables. Never mentioned build either. By the way, your D7000 is only half Mag-Alloy. The rest is plastic, just like the 5200. Though, this along with weather sealing by no means has any impact whatsoever on what type of photograph is produced by the camera. Therefore, it's a moot point and does not make the camera "better". And, this is what it's about: what camera will spit out better files. Your two SD slots mean nothing in this case and neither does the shutter speed - i think 1/4000th is sufficient for what most people do. Further, 12bit vs 14bit is so very negligible, it is not even worth discussing. In theory, 14 bit is better. But in practice, i would not even bother trying to "see" the difference.
No movement on prices overall in our area, so it looks like the new model won't effect the D7000 too much.