OK. I've been running 32-bit W7 almost exclusively for about a week now...
No problems whatsoever. The only anomaly came when I tried to install Silverlight via IE 8.0. First three tries and IE went out into limbo. One reboot and one more try did the trick however. Works just fine now.
I'm currently only running: Office 2k7, LiveMail, LiveWriter, Firefox, Radik Burner Lite, AVG Free, and Maricum Reflect since I'm still feeling my way into it. To my amazement, there have been no
bad surprises, other than IE 8 having occasional issues with font sizes on certain (e.g. HP Driver Downloads) websites.
I can't run Aero eye candy on this machine since it's on-board video isn't up to the requirements (perf score was only 2.0 for video!), but that's no great loss AFAIC. I don't really care for the Aero effects and planned on disabling them anyway.
The only minor qualm I had was having to install a Vista-labeled driver (per Microsoft) for one of my 1Gb NICs. Fortunately, it went in smoothly and works flawlessly. Now, this card works even better than it does under XP, so I probably shouldn't complain.
So far - so good. The system seems to be quite light on it's feet. Even seems even slightly faster that XP in some areas, although that may likely be because I have far less stuff running in the background than I do on my XP setup.
I'm pretty happy so far. (Fingers crossed.