MED is great... when you use it as a conversion tool (hub between maya/max and the game).
MED has evolved alot since i first used it (way back in A5), so I cant complain about it really.
WED.. well, my levels are made out of models, so all I rally do in there is assign my actions and setup numbers, no problem there either

SED though, I love that, does exactly what you want, no gimmicks involved!

A7 is a great engine to use, just be aware that it's somewhat more scripting geared, if you're an artist, get a scripting buddy to help you, or try another engine (as said before, Unity, Torque etc etc).

regards,