The following is a very quick summary. See the Seven Sided Strike rune effects page for a more thorough description of rune effects, or any of the individual rune pages for numbers, screenshots, blue quotes, and much more.
Seven Sided Strike was first shown at BlizzCon 2009 as one of the originals when the Monk was unveiled. Flux was able to try it in the gameplay demo:
This one was best used on single or double targets, ideally a boss that needed finishing off, especially a teleporter or another elusive one, since all the hits would go to it in rapid succession, and hit it no matter how it squirmed.
Skill tiers were removed shortly before the beta started in September 2011, and Seven Sided Strike became a level 24 skill. The skill system was once again overhauled for the Beta Patch 13 in February 2012, and Seven Sided Strike was classified as a Focus skill and moved to level 19. For Beta Patch 14, it was moved to level 17.