The Streak 7 will never see an official update due to obsolescence, poor overall demand, and Dell's exit from the Android platform. Tablet technology has improved tremendously in just the past two years.
You can upgrade to 3.2 Honeycomb fairly easily with info found on various websites and forums.
There is a small hacking community for the Streak 7 that's alive out there... so don't give up hope.
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jops4g is absolutely correct in stating Dell will not be updating the T-Mobile Dell Streak 7 device beyond Android 2.2.
Unfortunately, Dell will not be offering the update for customers locked to T-Mobile in the U.S. With each software update, the requirements for offering the update vary by carrier, region and device, and Dell has decided to not offer this update to T-Mobile customers in the United States.
Here is a link to the XDA forums for the Dell Streak 7. I suggest reading as much as you can before attempting root and modding to be sure you have a good idea of what you are doing.
In fact, here is a direct link to the "How to" for the device.