Laptop is currently $3499 on the general store. Ships early June. So right now it is slightly cheaper than Legion 5 Pro 16" by $70. Legion 7 has better cooling using vapor chambers and all metallic chasis vs the Legion 5 Pro, also has per key RGB vs 4 zone.
Review on the 3080 variant by Jarrod's tech https://www.youtube.com/watch?v=XC5PPazhpg4
Specifications
CPU
AMD Ryzen™ 7 5800H (8C / 16T, 3.2 / 4.4GHz, 4MB L2 / 16MB L3)
Operating System
Windows 10 Home 64
Display Type
16" WQXGA (2560x1600) IPS 500nits Anti-glare, 165Hz, 100% sRGB, Dolby Vision, HDR 400, Free-Sync, G-Sync, DC dimmer
Memory
2x 16GB SO-DIMM DDR4-3200
Hard Drive
1TB SSD M.2 2280 PCIe NVMe
Warranty
One year Depot or Carry-in
AC Adapter
300W Slim Tip
Graphics
NVIDIA® GeForce RTX™ 3070 8GB GDDR6, Boost Clock 1560MHz, TGP 140W
Second Hard Drive
No Storage Selection
Battery
Integrated 80Wh
Camera
720p with E-camera Shutter
Keyboard
Individual RGB LED backlit, English
Wireless
11ax, 2x2
I am personally waiting for the 3080 variant, but there isn't a huge performance difference between 3070 and 3080 (around 10% in games).