This is just a quick question: Why does the 707 have Seven different fuel tanks with a giant fuel system panel while more modern planes such as the 767 have suck a small fuel panel with only 3 tanks? Is it necessary for it to be engineered that way or have fuel systems just become more efficient?

Thanks,
boeing247

Try the Concorde, 13 tanks! Sitting in front of the 707's FE panel, you'll miss the other half.  

Seems to depend on the shape of the plane itself, the room for fitting in tanks and systems and the balance you want (or have) to achieve in certain stages of the flight.
For example, all nowadays long range planes use a trim tank in their horizontal stabilizer to avoid a stabilizer trim being out of the optimal airflow range as long as they can. So they correct their cruise trim by pumping fuel in or out of this tank, not by moving the stabilizer then.

Since the fuel on modern planes does have some more "duties" than just feeding the engines, the setup of a fuel system does affect many things, including the cooling of certain parts and systems.
Your modern panel does most of the job there and degrades that poor FE back to the mentioned eater or renders him completely out of the plane.
Lets see when they start to remove the second pilot then. I think Ryanair tried some approach there, but this could well have been another one of their promotional rounds of course.

Imagine Lou as Captain and HAL-9000 as his Co.   (listening to that 2001 theme now)
"HAL, are we still on course?" "Yes, Lou, and that's a nice shirt you are wearing there."

If that story is true, this Captain really knew about his value.
Lou, was that you?

No food, no battle.  

HAL-9000 doesn't need any food though. 

Look what HAL did! 

HAL bad, very bad!