A few things people might be missing from this announcement.
1) Simply recompiling an application with iOS 7 SDK unlocks a different set of view metrics and subtle behaviors that are non-trivial to address. Developers need to make sure views lay out properly (accounting for the status bar, etc.) in both iOS 7 and iOS 5/6.
2) If you're a game company, chances are you can set your target device to iOS 5 and after making sure you account for the metrics changes you should be fine.
3) Clang/LLVM changes might cause a new crash when run on iPad 1, for example, because Apple won't be testing it anymore. You'll need to have this hardware around to verify everything runs if you want to support that device.
4) If the application is rarely updated or barely maintained, chances are it will be abandoned at this point. What used to be a simple bug fix here and there will now become a massive project.
5) Last and most important point, most software that IS maintained, or at least downloaded enough to warrant concern, I promise you that Apple's developer relations has a point person on top of it. All of your games and important tool makers are well aware of their need to transition to the new SDK if they haven't already. Perhaps a bug in 7.0 that will be fixed in 7.1 was keeping them from releasing an update.
5.1) If you have a game that is used on iPad 1, speak up and let the developer know so that they can make a decision to keep supporting it. OpenGL ES has been quite stable API-wise for quite some time so I suspect most games will continue to support iOS 5 for the foreseeable future.