A format command simply rewrites the control structures, and does not overwrite the actual data blocks. Since the disk was in reiserfs format then you might just be able to recover much of the data by running reiserfsck against it with appropriate parameters Cannot hurt to try at this stage. I think the relevant command would be:
reiserfsck --scan-whole-partition --rebuild-tree /dev/md7
but you might want to see what someone else thinks. Note that this command would take hours to run so do not expect any quick results.
another possibility might be disk recovery software such as UFS Explorer.