In the current version you can actually turn on the old right click menu on a page by defining the ContentMenu option in your template page(s). But this will be removed in the next release so see this merely as an option for upgraded sites. In the current release the new context menu (in the top right corner) is not pluggable, but it will be in the next release.

There is no "Direct on page editing without loading the user interface" option, such as existed in the EPiServer 6 UI. We decided to go with one, much better solution for editing all content on page instead for EPiServer 7 and this requires the entire editing UI to load. Of couse, it's possible to add your own inline editing directly on the page, for instance for strings without loading the UI, but this is nothing that's included in the product so you'll have to build this yourself.

Does this anwer you question(s)?

Thank you Linus for your answer!