There are two limits for video with the K-7: one is the 4GB file size limitation of the FAT32 filesystem used on SDHC; the other is a 30 minute recording limit
due to EU import rules.
The length of video the camera can pack into 4GB depends on the bitrate it uses. It's very similar to how different cameras have different raw and JPEG filesizes (and different options for quality) and can therefore fit different numbers of pictures on a card.
Since the K-7 menu seems to have an option for video quality as well as size (much like the JPEG options), we'll most likely have to wait for a production model where someone can do complete tests to get a solid answer. Or the manual, which will probably give estimates.