The installation was mostly eventless - and how cool was that! VMWare runs on Ubuntu Hardy server and I selected Vista as guest type (adjust memory to 512 MB). The only issue was at the step of setting password for the first user. The O/S froze up for a few minutes. The mouse cursor was barely movable... I could tell something was hogging CPU, since VMWare portal showed full usage of the CPU. Things were fine after that, except that the next few config screens (time zone, etc.) just flew by, probably because I pressed Enter too many times during the freeze. :)
Windows 7 feels pretty snappy, even running on a modest P4 2.8 GHz with no virtualization assist and 512 MB memory.