Games that truly utilize the DirectX 7 capabilities are not very old. UT 2k3, for example, uses basically DirectX 7 features (Even though it does support PS and VS, there's no effect there that can't and isn't able to be done in the fixed-function pipeline), and it's one of the most graphically advanced titles in the market.
By the time games truly use DirectX 9, the situation will be the same, even though since DirectX 9 includes the specifications for VS 3.0 and PS 3.0, there'll be a longer period of time before the next version of DirectX is released.