Well Marty, the meter on my 7 is dead, so I'm passing to the other question...
The cute fun red round-n-round ball (the eyeball), apart from reminding me of the cookie monster's eyes when he was eating cookies or talking about them (+o- always), it will tell you that film is advancing, but the rewind knob also tells you the same, ok, BUT it also tells you when the film has left the take up spool during the rewind process, useful if you like to leave the film leader out of the canister (mid roll change, ie).