I just installed Vista over Windows 7 and it worked fine. Everything should still be there as long as you choose "upgrade" versus "new install". I was going to wait until August to see what would happen, but Windows 7 won't be out until next year, so I didn't want to buy an OS for 3 or 4 months of usage until 7 came out. I already had Vista on hand, so I figured I would install it now and get a year's worth of use out of it. I wonder if you couldn't set your system clock back a few months so your OS doesn't know it is August.