If your speakers are level matched properly, 7.1 is no louder than 5.1 unless there happens to be sound coming from all the surrounds at once, which doesn't always happen, especially with the discrete 7.1 formats. I also believe TrueHD is capable of 7.1, but I don't know if there are any 7.1 TrueHD movies out.
I love having 7.1 as it makes sounds that pan from side to side, or front to back or back to front much smoother, take for instance a helicopter that may be flying around in a circle, when it goes behind you, you hear it behind you, there ins't a jump from left to right, it is a much smoother panning sound. I find that especially when using the PLIIx decoder, I get a lot of sounds coming from the rear surround speakers, as many times sound are meant to come from directly beind you, but since most material is encoded in 5.1 the sounds instead come from the side.