I stop at BB last night and bought a family 3-pack of Home Premium upgrades for $150. Obviously the best deal out there for W7 licenses unless you're a student.
I have 2 laptops, one with XP, one with Vista x32. I also have my gaming rig which I've just been running W7 RC1 on. I set up a dual boot on the gaming rig last night and did the "upgrade" as a fresh install on it's own partition. The key code was accepted fine, and once the OS was up and running, the activation took a mere 10 seconds.
Now the question: At no point did the upgrade ask about a previous version of Windows. It appeared that I could have just installed the upgrade on a fresh hard drive with no questioning about previous versions like Vista did when I upgraded to it from XP. I was at least expecting it to ask for a license key from a previous version, but it did nothing of the sort. How can that be?