I voted both. From a certain standpoint, you could make an argument that she represented female empowerment in that she was liberated from the collective, a representation of the mainstream society. She often chose to go about things in her own way, bringing her in conflict with Janeway and the others. And she dressed as she pleased, in the context of her character.
And she's a sex icon in that the catsuit was definitely designed to reel in sex-crazed male geeks of all ages. I would be curious to see what the lesbian community has to say about Jeri and Seven, though.
I think Berman and Braga must be into Dominatrices, though, given how many of the new ST shows present many women dressed in tight-fitting clothes. And you can see Seven and T'Pol represent the tightly controlled Dominatrix, both tantalizing and denying males intimacy as the male gives up control to such an Earth Goddess or Matriarchal figure. Look at poor Harry Kim and Trip Tucker, each of them desiring these unattainable yet attractive ice maidens!
Red Ranger