Run as on a new project on AS7 and I got this:

java.lang.NullPointerException
at org.jboss.ide.eclipse.as.core.server.internal.BehaviourModel.getPublishMethodType(BehaviourModel.java:39)
at org.jboss.ide.eclipse.as.core.util.DeploymentPreferenceLoader.getCurrentDeploymentMethodType(DeploymentPreferenceLoader.java:54)
at org.jboss.ide.eclipse.as.core.util.DeploymentPreferenceLoader.getCurrentDeploymentMethodType(DeploymentPreferenceLoader.java:50)
at org.jboss.ide.eclipse.as.core.server.internal.DeployableServerBehavior.createPublishMethod(DeployableServerBehavior.java:110)
at org.jboss.ide.eclipse.as.core.server.internal.DeployableServerBehavior.getOrCreatePublishMethod(DeployableServerBehavior.java:64)
at org.jboss.ide.eclipse.as.core.server.internal.DeployableServerBehavior.publishStart(DeployableServerBehavior.java:57)
at org.eclipse.wst.server.core.model.ServerBehaviourDelegate.publish(ServerBehaviourDelegate.java:927)
at org.eclipse.wst.server.core.model.ServerBehaviourDelegate.publish(ServerBehaviourDelegate.java:774)
at org.eclipse.wst.server.core.internal.Server.publishImpl(Server.java:3027)
at org.eclipse.wst.server.core.internal.Server$PublishJob.run(Server.java:341)
at org.eclipse.core.internal.jobs.Worker.run(Worker.java:54)

project still seem to deploy.

This is from what is in nightly build.