Upright the Seven of Cups is read as fantasy, wishful thinking and a proliferation of choices that may not all be real; reversed, as clarity returning, a choice finally made, or an illusion allowed to end.
The distance between Waite's relatively mild reading, choice, indecision and fantasy, and Crowley's considerably darker Debauch is one of the more instructive divergences in the deck's history, since both authors were working from the same Golden Dawn source material and reached quite different emphases. Waite's version is generally the one that has prevailed in popular practice, and most contemporary guidebooks describe the card as a caution about daydreaming rather than as a warning about moral dissolution, though some traditions closer to Crowley's line still read it that way.
Because none of the seven visions in the picture is marked as more or less real than the others, the card is frequently used to represent a querent's own difficulty distinguishing a genuine option from a merely appealing one, and experienced readers commonly follow it with a clarifying question about which cup, specifically, the querent keeps returning to in their own mind, since the picture itself declines to say.
Reversed, the card's move toward clarity is read as the fog lifting rather than as any single cup being chosen for the querent by the cards; the decision, in every published account of the card, remains the querent's own to make.