Hi!
In case it helps you track down the problem: I don't
see this behavior on Vim 7.0d02 BETA (12 april 2006).
This behavior has been introduced after Vim 7.0e BETA,
because I did not see it in Vim 7.0e BETA, either.
Why do I know this? I see this behavior when doing
colo <some color scheme>
in my vimrc file and doing
colo default
in the started gVim 7.0e02 BETA (and now in gVim 7.0e03 BETA).
In gVim 7.0e BETA I remember that this worked.
Best wishes,
Georg
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