7 hours and only 5 errors is more or less typical of memory. You see, we aren't running ECC memory, so there are bound to be errors. If all non-ECC memory ran for hours on end with no errors, then there wouldn't be a market for ECC memory. That said, I'd finish testing 5 hours on this stick, then try the other stick for 5 hours. Unless you get alot of errors, the stick is fine. Play some games (the CS:S is really good at finding memory errors), if you get many crashes or a blue screen, then it's time to RMA.
Honestly, at this point there's no reason to buy more expensive "brand" memory (aren't they all brands? He's not buying generic you realize). Again, Dell's BIOS is locked, so any memory module installed is going to run at it's pre-programmed SPD timings of DDR533 4-4-4. Since they're all running this standard, there's no reason really to get anything beyond the cheapest stick as long as it's from a good reseller with a good RMA policy. I know some of you are going to argue and complain that cheap memory sucks and that's why it crashes etc. etc. The truth is all memory manufacturers punch out bad sticks every now and then, who doesn't after thousands of good ones? Look around the forum, you'll see kingston fail, OCZ fail, Transcend fail, etc. etc. all manufacturers get bad chips or produce a bad stick, it happens, that's why you buy RAM with a good RMA policy. Now, if we were overclocking, that'd be a different story, I'd say go with the highest quality stick you can, but that isn't the case, so save your money for something else.