the current/recent BB series range;
BB5 is practically unchanged for at least 15 years.
BB7 has been revised in the late noughties; parts are different after the change.
BB7S has an anodised body (instead of painted) and stainless steel bolts.
BB7SL is as BB7S but has Ti bolts instead of stainless steel.
Eventually painted caliper bodies start to corrode on the outside in all-weather use but I have never seen this actually cause a major problem; IME internal problems are likely well before this occurs.
Note that Avid quote 'caliper only' weights; this doesn't include pads or the mounting bolts/ISO adaptor, plus their scales appear to be, uh, 'optimistic'. The dirty little secret is that, when measured in the same way, BB5 seems to be even lighter than even BB7SL. Probably if you just want the Ti bolts, you can buy those and upgrade a more standard caliper and it will be cheaper than the SL model.
Both BB5 and BB7 calipers share the same fixed pad adjuster (FPA) that can corrode or get fouled with brake dust. You should dismantle the caliper and clean/lube it from time to time.
Both calipers use CPS (caliper position system) washers on the post mount bolts; this allows the caliper to fit onto frames with perfect alignment even if the mounts are a bit wonky. However the CPS washers are aluminium and have been known to crack. Stainless steel versions are available (at a price) as aftermarket fitments, but washers from V-brake blocks work quite well, and some of these are made in steel not aluminium, so you don't have to spend a fortune to repair or improve the strength of the assembly.
The big differences between BB5 and BB7 are that
- BB7 has two adjustable pads which most folk agree is easier/better than the BB5 barrel adjuster/FPA arrangement
- some users complain that BB5 pads, once worn, often sit cocked at a funny angle (*) and are more likely to rub.
- the BB5 pad is smaller than BB7 which means a shorter wear life, and easier pad overheating with BB5.
On the last point I have found that with sintered pads, things are quite tolerable with BB5.
(*) this isn't always seen and it is not a simple issue, but I think it can be addressed when it does occur.
FWIW in common with most mechanical disc calipers, the 'road' versions of these calipers are (according to SRAM/Avid) suitable for use with
their road levers. This means that the caliper MA is slightly lower than one that is optimised for NSSLR levers. Thus there is less leeway for variations in cable condition or pad friction coefficient if you are running recent (most new models after 2008) shimano STIs. If you do find power is a bit lacking, even with new cables and carefully selected pads, and easy solution is to fit a bigger disc; going from 140mm to 160mm or from 160mm to 180mm ought to compensate almost exactly for the reduced MA of NSSLR brake levers.
Bottom line is that when buying new brakes, unless you are a on a tight budget and/or are very worried by weight issues it is probably worth spending the extra on BB7 over BB5. However if you already have BB5, shelling out for BB7 mightn't be 'worth it' per se; there may be other ways of getting a bigger bang for your buck.
cheers