If you buy quality third party batteries, such as SterlingTek or MaximalPower from reputable sources you should get just as good performance as the OEM Canon batteries at a significant savings.
Another thing to consider is that the genuine OEM batteries are more likely to be counterfeited and passed off as genuine by shady sellers. Fake third party batteries aren't near as common. After all, if you're going to make a cheap fake, why not mimic the version that sells for $60 instead of the version that sells for $20 or $10 or $5? If you buy a 'genuine" battery from an unauthorized seller it is highly likely you have bought a fake. If you buy "genuine" or third party batteries from authorized, reputable sources you are much more likely to get what you think you are paying for.
The Maximal Power versions of the Canon LP-E6 I bought from amazon.com function just like the OEM batteries supplied with my cameras. So do the SterlingTek LP-E6 batteries I've bought via amazon and the Watson batteries I've bought from B&H. They charge on the same charger, the camera reads the serial # in the battery, and displays the charge level, number of shots, recharge performance, and remembers the date and charge state the last time each battery was used in the camera.¹
These reputable brands are still about 1/4 to 1/3 the cost of Canon OEM.
I also used SterlingTek batteries for my Rebel XTi and 50D. The SterlingTek NB2LH and BP-511A were every bit as good as the Canon batteries for those cameras. The 2200mAH SterlingTek BP-511As lasted much longer per charge than the Canon BP-511A 1390mAH originals. I also tried some of the really cheap generic versions for the XTi and had less than stellar results. They didn't last as long per charge and didn't last as many charge/discharge cycles before they would no longer take a full charge.
¹Not specific to the 5D, 5D Mark II, or 7D but applicable to the 5D Mark III or 7D Mark II and later:
Older LP-E6 third party batteries made prior to around 2012-13 don't fully communicate with Canon bodies released since about 2013 (including the 2012 5D Mark III if the camera was shipped with or updated to firmware version 1.2.3 released in August 2013 or later). The newer chargers supplied since 2013 will also balk at charging the older third party batteries, but do just fine with the newer third party versions that have the newer firmware introduced around 2013 embedded in them.
The older third party batteries, when charged with an older Canon charger or a third party charger, will still power the newer cameras perfectly fine, they just don't give detailed information regarding shutter count since last charge, recharge performance, etc. With some cameras you will be asked to confirm what type of battery you are using.
Canon periodically updates the battery protocol, apparently just to discourage use of third party batteries. Canon older batteries are not (supposed to be²) affected because the firmware in the older batteries already contain some "secret" lines of code that are only needed with the updated protocols. When the newer camera detects a battery without the hidden code it will give you the message to try and scare you into only buying Canon batteries.
² When Canon updated the LP-E6 battery to the LP-E6N and revised the LC-E6E charger they had an issue with many older OEM Canon LP-E6 batteries not charging properly in the new charger.
Since the third party battery manufacturers reverse engineer their batteries, they didn't include the "hidden code" in older copies of their LP-E6 replacements that were reverse engineered from the older Canon batteries upon which they were based because the older cameras do not interact with the "hidden" lines of code.
It's all a cat and mouse game. It usually only takes a few weeks for the top third party battery makers to crack the new protocol and include it in their copies. I use MaximalPower (Amazon is the only authorized seller) and Sterling Tek third party batteries. My older ones function fully in the 5DII and 7D, but have the limited functionality in the 5DIII and 7DII. My newer third party batteries from MaximalPower and Sterling Tek also fully function in the 5DIII and 7DII. The third party batteries seem to also handle more charge/discharge cycles before their performance noticeably degrades. That may be one reason why Canon plays such games: their own batteries aren't as good as the best third party batteries. There are a lot of crappy third party batteries too, though.
For more about using third party batteries, please see:
Why do cameras use proprietary batteries?
Should the INFO display show the status of both batteries in a Canon battery grip?
Should I buy an original manufacturer battery, or is a generic brand OK?