Over the course of 0.94.16 I have upgraded junit to 4.11 for 0.94 (this was done for 0.96 and later a while ago). With that in place (and a few test fixes, mostly in tests that depended on the relative ordering in which tests are run) the testsuite passes on JDK7 as reliable as it does on JDK6.
I currently have Jenkins builds for both JDK6 and JDK7 that are triggered for each checkin, I'll keep both running for a while; eventually I am planning to retire the JDK6 Jenkins. At Salesforce we use HBase 0.94 exclusively with JDK7 and have not seen any issue (at least noen related to JDK7). TL;DR: 0.94 should be safe to use with JDK7. -- Lars