javac ignores the @SuppressWarnings("all") annotation in 1.7.0-u4-b07. See example below:

import java.util.ArrayList;

// Works:
// @SuppressWarnings("rawtypes")

// Doesn't work; worked in Java 6:
@SuppressWarnings("all")
public class Test {
    private ArrayList list = new ArrayList();
}

To test:
javac -Xlint Test.java

Output:
Test.java:9: warning: [rawtypes] found raw type: ArrayList
    private ArrayList list = new ArrayList();
            ^
  missing type arguments for generic class ArrayList<E>
  where E is a type-variable:
    E extends Object declared in class ArrayList
Test.java:9: warning: [rawtypes] found raw type: ArrayList
    private ArrayList list = new ArrayList();
                                 ^
  missing type arguments for generic class ArrayList<E>
  where E is a type-variable:
    E extends Object declared in class ArrayList
2 warnings

Changing the value of the annotation to "rawtypes" does work.