I have both the Icom 7000 and a TS480/TM-D710 and a FT950 and FT1000 and TS590.
1. The 7000 has both 2 mtrs and 70cm in addition to all HF bands. This is a HUGE advantage when using the radio in a vehicle. Only one radio is needed for all bands. It saves space and $$,
However with the limitation that you cannot monitor local repeaters whilst working HF which was something I didn't think was a problem when I replaced my TS480/TM-D710 combo with an Icom 7000 but I soon found I missed being able to. If you never have before, you'll not miss it though.
2. The Icom 7000 requires NO additional filter purchase. The builtin DSP filtering is excellent and more than adequate for most situations.
The TS480 without filters has better selectivity. DSP alone can only do so much and the Icom 7000 seriously lacks a roofing filter. Even a 15kHz one would improve it immensely by giving the DSP a fighting chance.
3. The Icom has a VERY pleasant and useful colorful display.
Indeed it does however it can become hard to see in bright light unlike the TS480.
4. The 7000 is a quiet radio as are all Icoms. The Icom DSP and NB are superior to my TS-590's.
The receiver is noisier than the TS480 but then again the TS480's is the quietest I've ever heard. The Icom 7000 DSP and NB are IMO better with the NB being excellent.
4. The Icom 7000 has superior RTTY performance as do all Icoms. The dual peak Filters on FSK are unbelievable.
5. The Icom 7000 has a builtin RTTY decoder.
However as you still have to use a computer to send, point 5 is moot.
7. The Icom Display unit can be remoted easily for Vechicle. You get the best of both worlds with the 7000 - home or vehicle use.
However you pay through the nose for the separation kit and cable - as much as 1/8th the cost of the transceiver - whereas Kenwood include the separation cables and because they're not proprietary you can make your own.
There are other eye candy perks I could list but you get the idea. The 7000 is a much better bang (value) for the $$$ than a 480.
If you want everything in one transceiver then yes it is. However it comes with shortfalls over separate HF and V/U rigs as do all shack in a box radios.