From what I can tell, ballistics look almost the same between the 7 mm remington mag and the 7mm wsm so why did we reinvent the wheel? What is the advantage or role for the 7mm wsm?
I'll take a stab but with the 300 WSM compared to the 300 WM since that is what I have experience with. The WSM's are all in short action rifles, which by its self is not a huge deal since most rifle makers don't really make them any lighter, but they can. If you compare a Kimber in any of the WSM's they are considerably lighter than the same rifle in 300 WM. Most rifle makers would sell a lot more of the WSM's if they would take advantage of this.
All of the WSM's are more efficeint. My 300 WSM uses about 15% less powder, but only gives up about 1%-2% velocity with the same bullet weights compared to a 300 WM. The 300 WSM will also have about 10% less recoil in rifles of equal weight, or about the same recoil in rifles roughly 1/2 lb lighter. Having no belt is a bonus as well. Since they are more efficient they work better in shorter barrels. A 300 WM really needs a 26" barrel, the WSM's don't need anything more than 24", and do quite well in 22" or even shorter. Ruger made one with a 16" barrel before they dropped the WSM's in favor of their own RCM line.
The 300 WSM has proven to be one of the better long range chamberings. All short fat cartridges tend to burn powder more efficiently than long skinny cartridges resulting in more consistent accuracy, and less recoil for the same velocity. The 300 WSM recently set a new 1,000 yard benchrest record.
The 300 WSM and 270 WSM are definately here to stay. The 7mm WSM does the same things compared to a 7mm RM. But because of production problems the 7mm version was very late being introduced, more than a year after the others, and it has been slow to catch on. Many who wanted one of the WSM's went with the other 2. It may be the best of the bunch, but is also the one most likely to become obsolete.
If I had a standard magnum rifle I'd have a hard time selling it ane replacing it with one of the WSM's unless my goal was to build a custom as light as possible. Or possibly if I were buying a Kimber. But if buying new the WSM's offer enough small advantages that they are the only way I'd go. I fully expect the 300 WSM to eventually replace the 300 WM as the top 30 cal magnum round just as the 300 WM replaced the 300 H&H, and for exactly the same reasons.