I have Eclipse with Android Development Kit (ADT) installed, and also SDK. I have connected my Venue7 tabled and enabled USB Debugging.
I've created a simple Hello World app and ran it on my Venue7.
Now is it possible to update the app via Eclipse and see the result @Venue7 in real time? Or do you I have to stop the app and start it again after each change?
When you install your program on your device you are doing just that - installing it. The .apk file you have there is an installation package (apk stands for android package) not an executable file. So yes you have to reinstall it each time you have made changes to the program.
On eclipse I believe you just click the run as android program as the other poster said.