Windows 7 & XPM
Despite running Windows 7 for almost a year now, and the OS going to RTM sometime ago, Windows 7 only goes GA (general availability, i.e. on the shelf) on Thursday 22nd this week. Hopefully everyone has taken a look at this point, really good improvement, and especially if you are looking at low end PCs like netbooks (my S10 & NC10's are doing well at this point).
There has been a lot of talk about Windows 7 XP mode and the ability to run an underlying XP/Vista VM so you can run applications (like IE 6) that won't run under 7. It does require a 64bit OS and hardware that supports virtualization. More info here
One interesting piece that no one I've seen mentioned is Sysinternals (Sysinternals is now owned by Microsoft) has a P2V Tool for free that would allow you to P2V your previous desktop (or Server), you then could do a fresh install of Windows 7, and load your previous OS under XPMode and either access previous apps or the entire desktop as required.
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P2V Tool here