RE: hover practice
Browsing around on the forums today I see that G4 (realflight) is coming out soon. Unless I see some big discount at the LHS I will wait for g4.
The DX7 is a nice radio if you ask me, you can't go wrong with it. May cost a little more than the futaba but I like the look and larger screen.
As far as the heli goes, The rex is a good option and with so much support out there for it you should be all set if you have a question. Get a gy401 and futaba 9650 for the tail, holds very well.
Might check out the mini-titan, I bought one and love it.