Well, here's a vote for highway 7.
I do the Toronto Ottawa run for business two or three times a year, and have for over twelve years. I've driven both, actually not a lot of difference time-wise. When the 416 freeway opened to connect Ottawa with the 401, the Ottawa Citizen newspaper sent three reporters to compare routes/travel times. Verdict: 7 was actually the quickest (by ten minutes or something like that....its also physically the shortest).
The exact route was 7 from Ottawa to 37 through Tweed, then join the 401 at Belleville. This is my favorite route and its certainly refreshing to find a viable alternative to the freeway once in a while. That said, I'd still vote for 401/416 in bad weather or summer weekends, when the "tourists" can overwhelm the two lane road. Otherwise, the traffic isn't too bad on 7 (at least west of Perth) and none of the towns amount to much. And far and away its the more scenic drive. Just don't forget about the cops!
Another alternative (and the third route tested by the newspaper) involves taking highway 15 from the 401 to Ottawa via Smith's Falls. I've done it a few times. Its not much different from the others time-wise, but 15 usually has somewhat more traffic than 7, and Smith's Falls is a minor pain in the butt to drive through....bigger than any of the towns you go through on 7.