A friend purchased an iMac recently,and I discovered XP SP2 will not run on Bootcamp.It must be SP3 or above.
So another friend recommended Virtual Box
Downloads - VirtualBox
His reason is this:
Benefit #1... it is a free program.
Benefit #2... You don't need to partition the hard drive. All "free" space is therefore available to the Mac. The virtual Hard Drive that you make in the program is of a size you choose, but it only occupies as much space on the real drive as there is files within the Windows install. I can't remember what they call this, but it is a nice feature. Maybe "Smart" disk?
Anyway...
Benefit #3... Any backup strategy that backs up the Mac files also backs up the entire Windows setup as it is just a file. If there is any screwup with the Windows side, one can just go to the last good backup and retrieve the virtual HD from the backup and then you are back in business.
I find it is about 95% the speed of doing it via Bootcamp. It's possible to be even faster by using a commercial program like VMWare Parallels. However, for Windows XP, that's probably overkill.