I'm going to have to try those Dunlops. .07s, huh? Did you have to do anything special on the truss rod/setup/action?
With such light gauge, yes, you have to re-setup your guitar almost entirely. Depending on the gauge you're currently using you may have an instant backbowed neck, and need to loose the truss rod, then redo the saddle intonation. But it's nothing beyond that, I did it all myself at home.
These Billy Gibbons' signature .007 strings are the lightest on the market. The thing with the tone of these is that they have some snappy Hendrix-esque high-end character, that pops out of the amp... which I like quite a lot. Also, being very light, bends become effortless. You can play for hours without hand fatigue, or fear of tendinitis. They're very addictive!
See the man himself talking about them here, skip to 4:12.
I use 8-8.5's myself, but have been extolling the tonal virtues of light gauge strings for a long time to anyone who'll listen.