While starting up AS7 the following warning appear on the console. Not sure yet whether this is serious or not. Broadly speaking the OSGi subsystem does work.

16:27:51,972 WARN [org.jboss.osgi.framework.internal.URLHandlerPlugin] (MSC service thread 1-12) Unable to set the URLStreamHandlerFactory
16:27:51,973 WARN [org.jboss.osgi.framework.internal.URLHandlerPlugin] (MSC service thread 1-12) Unable to set the ContentHandlerFactory