The Committee of the Regions has published a working paper on FP7. In it, the Committee bemoans 'excessive bureaucracy, low risk tolerance, poor efficiency and undue delays that act as disincentives to participation.' Which probably is no surprise to anyone who's been involved in the Programme. Or even tried to read some of it's guidance.
The Committee recommended more coordination of funding schemes and spreading the calls throughout the year, amongst other things. Thanks to Tania Rabesandratana at Research Fortnight for highlighting this.