It worked for me for warm summer overnights with just a water bottle and a cookset lashed on the outside. For two nights I had to sew on an extension collar, but my base weight is about 11 lbs. At 7-8 lbs you should have a lot less bulk.
This is a great choice for your first UL trip because (a) it's cheap and (b) the small size forces you to only take the essentials. Take a few trips with this to test out your skills and other gear. Then, if you enjoy the UL experience and plan on doing more, decide if you want to spend money on something a little bigger, comfier, and more functional.
Here are my notes from my two night trip.
http://www.backpackinglight.com/cgi-bin/backpackinglight/forums/thread_display.html?forum_thread_id=70899
"For a backpack I carried a Flash 18 modified with an extension collar made from the cinching half of a 10 liter stuff sack. Call it the Flash 23 if you like. Last summer I did an overnight with basically the same equipment in an unmodified Flash 18, but had zero extra capacity and ended up attaching bits to the outside. With the extra space at the top I had room for everything to go inside along with the extra day and a half of food and a light fleece pullover.
With two liters of water and hiking poles strapped on the whole package was just under 20 pounds. Subtracting food and water, and not counting some pocket items, base weight was about 11 pounds. The extension collar made the weight carry a little too high, and by the end of the first day my shoulders were feeling a little sore. On the second day with a lot of the food gone weight and bulk in the pack were no longer an issue. By the time I finished I was cinching the cords I added to the daisy chains to compress the pack."