HP Toolbox (for my HP2605dn printer) has been missing ever since I upgraded from WinXP to Win7. And even for WinXP it only was usable when the printer was connected via USB. When connected via the network you could "talk to the printer" through it's IP address using any Browser... which were most (but not all) of the functions of HP Toolbox.
For me, I believe the only truly missing function that was uniquely requestable through HP Toolbox that was not available through IP connection was the on-demand "cleaning" function. So if you want to do things such as interrogate ink levels, etc., with Win7 you do need to have the printer connected via TCPIP and Ethernet, rather than via USB. It's really transparent to you, so if this is important to you then that's the only real "semi-workaround" with Win7.
But the "cleaning" function is automatically invoked by the printer when you install new toner cartridges, so even though you can't request it at other times at least it does get invoked periodically and automatically.
For me, I must have the printer connected via USB because I regularly establish remote VPN connections (to customer mainframe computers) which shuts down all other TCPIP network access. So VPN would prevent me from printing if the printer were network connected. And since that's unacceptable to me, I have to connect via USB which is unaffected by VPN... but which unfortunately loses the ability to talk to the printer via IP address.
It's really HP's fault, but I personally never really used or needed HP Toolbox. So for me it's no loss. The printer just "works" via USB, and its panel lights blink if I need to replace a toner cartridge.