rdrum76: the K-7 is still an APS-C or "cropped" sensor - no change there from previous models in terms of sensor dimensions.
Unfortunately nothing changes in terms of focal length, "reach" or optical magnification. I wish it was that easy instead of buying a longer, more expensive lens! As already stated by several folks, not much else needs to be added. Those linked articles summarize it nicely too.
To clearly illustrate this situation: during a class someone brought up that question. To avoid any further argument or discussion, I put the same lens on both a K10D and then an MS-Z SLR and asked them to look at an object in the distance using both bodies with that same lens. They saw immediately that the objects are not any closer than before with with the DSLR. What changed was the viewing angle or FOV (field of view). Case closed, back to photography... Normally you get higher pixel density with the APS-C sensor but the subject is not closer.
Only the FOV (field of view) is affected with a sensor smaller than the 35mm standard of 24x36. In this case, it's 1.5x the focal length of the lens. Nothing more.
It's still a 300mm lens.
Regards,
Marc