With the exception of potentially Family Guy, I consider "The Office" to be the greatest television comedy ever produced. Sadly, all good things must come to an end--eventually--and this seventh season emphasizes that quote more than any of the previous six efforts.
Here's the problem(s) with Season Seven: I've always believed that the entire series hinges on three characters--Jim, Pam, and Michael Scott. Jim & Pam form the dramatic/emotional backbone of the show, while Michael is the comedic "glue" that holds everything together. The other characters wax and wane depending on the episode, but that "Big Three" more than likely decides the course of the show. Unfortunately, none of those three character arcs were anywhere near the top of their game this season.
In terms of Jim/Pam, they really carried the Sixth Season (with the wedding and baby episodes) and take a bit of a back seat here in favor of Daryl, Andy, Erin, & Gabe. While providing a few moments of chuckling humor and emotion, by and large the dramatic side of the show was nonexistent.
With Michael, it was more a case of Steve Carrell knowing this would be his final season. Thus, it seemed as if the writers didn't (or couldn't) commit to any sort of meaningful character arc for him. The first half of the season he kind of just bops around aimlessly in his back-and-forth with Holly, while the second half is devoted to feeling out his potential replacements.
The one good thing I can say about this season, though, is that--as always--the writers ALWAYS deliver a rock-solid episode when it is absolutely needed. Much like the Jim/Pam wedding/baby episodes saved last season, the final 2-3 episodes featuring Michael Scott are the only thing keeping my rating from plunging to a measly one star. In fact, Michael's swan song is perhaps the best single episode in show history (or at least in the running).
Thus, though I know I will still be tuning in for Season Eight on NBC next fall, the reasonable part of me says I should probably give up the ghost right now, as I see no way for the show to ever regain the comedic/dramatic gold standard it once held. With Michael Scott gone and Jim/Pam potentially played out, only a miracle from the writers will keep this show watchable. Not saying it can't be done, but I think the odds are large against it.