During the TechNet Game-On Tour, many asked for the information and wanted to review the demos I did. Dan Stolts, a fellow Microsoft IT Pro Evangelist based in Boston area, has recently published the following on the topic and did a great job on providing additional details. Check them out.
Migrate Windows XP to Windows 7 Using USMT (User State Migration Tool) [Upgrade XP or Vista] Step By Step
Upgrading Windows XP to Windows 7 and Migrate Microsoft Office and Other Applications Using The User State Migration Tool (USMT)