If i m not wrong there is 20% bonus for each extra person in a party, provided all other factors such as level, mobs etc, remain same. Now assuming all 7 persons are of same level, if there are 7 persons killing in a party almost at a same speed, then exp for each of them is (100+140)/7)*7=240%. However this is possible only in theory, reason being all 7 cant kill and certainly not with same speed, some 1 have to mob, someone have to heal. Even if all can kill, then there will not be enough mobs to hunt in the space in which u should be so as to get party exp. So thats leaves us to 1 que, to party or not to party. One point that people miss is even after assuming few people dont kill in party, what they miss is the mobbing by them, healing/shielding by them, or transfer of pots among party members. This makes the party exp more , any day, be it of any level any caracter, as long as it does not take the form of pure leeching.
Also there is a exp bonus in the form that if mob level is higher than yourself, u get a certain % of extra exp (not sure if there is a max cap on % increase of exp). There is one official A3 site which lists the actual exp gained from each monster in absolute terms (i just could not remember the site, but someone can try to find it out, and it would be a great find too) when player and monster level is same. If player level goes up or down (than mob level) the exp changes accordingly.
So a noob of level 10 or level 50 may give u same extra exp boost (as i said u have to check out the exact exp from the site). However level 50 booster will surely a mobber as well. Here comes the concept of leveling with people of your own levels rather than too higher or too lower.
Now coming to more practical situation where paty people ar not of same level. The formula for exp division is:
Total party exp = Exp after bonus etc, so in 7 member party, it would be, 240% as shown above.
Individual exp = (Total exp / total of party members' level)*The individual's level.
So say 2 people, 1 level 50 and another level 100, parties and kills a mob which gives 5000 absolute units of exp (this is the number which i said above is given in some official A3 site), then exp would be as follows:
Total party exp = (100+20)% of 5000 = 6000 absolute units of exp.
Exp for level 50 caracter = [6000/150 (being total of party members level)]*50(his own level)=2000 absolute units of exp
Exp for level 100 caracter = [6000/150 (being total of party members level)]*100(his own level)=4000 absolute units of exp.
Booster effect
Say a lev 100 takes a booster of level 20 in his party and kills the mob giving 5000 units of exp. Then,
Total team exp = 500*120%=6000
Exp for level 100 player = [6000/120]*100=5000
Exp for level 20 player = [6000/120]*20=1000
Now if a level 100 player takes 6 boosters of level 20 in his party then,
Total team exp = 5000*240%=12000
Exp for level 100 player = [12000/220]*100=5454
Exp for level 20 player = 1090
The above calculations exclude a minor exp bonus that u might get as ur party level is less than the mob level.
So moral of the story, to gain any extra % of exp the level difference between u and your party should be more than 80 levels.
Apart from this pure quantitative aspect, there is something for which u play. Party gives u a oppurtunity to interact, to make friends. Moreover, it can safeguard you against random pkers. No1 dares to touch a 7 member party, take my words for it (ofcourse G9 will kill 7 member g7 party, but thats something i m not talking about). One more advantage which i can remember is party can help you to prevent item dropping. Our KH Leader ATEAZ had a really bad luck in dropping items (atleast 1 item every week). However she never ever lost any item coz in 99% of cases we used to party among our friends who used to give the items back. This was even before the party helper feature was implemented. But for this you need to have trusted people in party.
@Fake_wars, yes you are right that even if you dont make the last hit you do get the exp for the amount of damage u had done to the monster. This is not really evident on low exp server like this one. But it was clearly visible on high exp servers i played on (no i m not saying i played ....... servers

). So for those mob stealers who steal mob for exp, think again before sedem'ing in middle or mob and sb'ing them away. Thats something that will not get u full mob exp. But yes wz and drops go to the last hitter.
One more thing that people assume that u have to hit in a party to get more exp. Irrespective of the fact whether u hit or not, u get same amount of exp for each of the kill in a party.
Conclusion :
1.Party with your trust worthy friends.
2.Party preferably with people of same level.
3.Do actual party and never allow leecher, unless u have some special reason to allow the leeching of any person.
4.To gain any extra % of exp the level difference between u and your party should be more than 80 levels. ( I remember reading on SG forums, thats boosters dont work below level 100. I only noticed truth in it after i did the above calculations today).
P.S.All figues i have tried to mention to the best of my memory, since i had seen these things about 6 mths back, they may be wrong.