Yes, it would be -- but the 7D is also the price equivalent of a 60D and another really good-quality lens. The 60D is also a considerable step up that offers dual control wheels, better high-ISO performance than the XS and greater resolution, and you may find that another good piece of glass is a more valuable asset to your photography than the higher-end body would be, at least over the shorter term.

Camera bodies change rapidly, and lenses tend to be better long-term investments. When you start getting paying gigs, you may find that you can easily afford to update your bodies as required, but if you don't have the lenses you need to take the shots you're asked to take, it's really hard to get paying gigs. That doesn't necessarily mean spending carloads on glass immediately; you could, say, get the f/1.8 version of a lens rather than the f/1.2 or f/1.4 version to get you into the game. If all you have is a zoom that goes to f/4 or f/5.6 at that focal length, you can't take shallow depth-of-field shots at that focal length, and bumping up the ISO isn't going to compensate for that, no matter how good the body's low-light performance is.