I'm abit confused, with the Radeon 7 rumoured to be discontinued, isn't this faster than the 5700XT?
Yes it's faster. As LtMatt says, the gap widens at higher resolutions. But the 5700 XT is not much slower and is a
lot cheaper. Big Navi is also likely to be faster but there is no ETA on that. There are pro's and con's to buying a VII against a 5700 XT:
VII Pros
Still faster than a 5700 XT. The XT catches up if overclocked but the VII can also be overclocked.
16gb of high bandwidth RAM might be advantageous in a few years (although much newer and faster cards will be out by then).
Stronger than the XT in 4K.
Much stronger than the XT in productivity workloads such as Compute, modelling and video editing.
The fastest card available for MacOS (hackintosh, eGPU's and the old Mac Pro 5.1).
VII Negatives
Older architecture so driver support life will be shorter than the XT in the future.
Very expensive as a pure gaming card.
No RIS scaling.
5700 XT Pros
Almost as fast as the VII for a lot less money.
New architecture so the drivers will only get better from here.
RIS scaling which is likely to be of benefit in higher resolutions such as 4K.
5700 XT Negatives
Very slightly slower than a VII.
No MacOS support yet (we don't know if this will happen in the future).
A lot slower in productivity workloads.