I'm running 64 bit Win7 Ultimate and I'm not having any issues with scanner radio programming interface cables, or programming/control software.
It is not necessary to install, and use the Windows XP VM. In fact, it would probably run slower. 64 bit Win7 supports 32 bit apps through WoW64.
Older 16 bit installers, and applications will not run on 64 bit Win7, but most all 32 bit should run fine.
__________________
|