I've been playing guitar for 7-8 years, will it be an easy transistion from guitar to cello?

Same here. Guess were going to find out. I'm looking for the right instructor at the moment.
The thinkgs that I can see helping:
A. Our brains have been trained to coordinate different projects that work together.
B. We have strong hands...at least I know I do. I can play with no strain for hours.
C. We know we have the patience to play and learn for long periods of time.
I never learned to read music so thats going to be my biggest challenge I think. I read tableture for whatever that counts.
Also frettless make me a bit nervous.. lol

Seriously though. I lost my love for guitar/ I've played in lots of crap local bands. I lost my liking for the lifestyle and alot of the taste of rock music exc.

I played bass guitar for 15 years before taking up cello a few months ago. No, it's not easy--but man it's fun!
I'm certainly picking it up faster than if I didn't already play an instrument.
The left hand trasition isn't too hard, although cello strings are tuned in 5ths whereas bass guitar (and most of the strings of a guitar) are tuned in 4ths, and that takes a little getting used to.Bowing is the real challenge, though. It's not like anything else (well, actually, it's a lot like Tai Chi in some ways)
Be patient. It will take a while, but once you get it down, a cello can do things no other instrument can match! And not just traditional music either.
Have fun.
I'd be interested to hear how you progress.