While not providing EXACTLY what you want, all versions of Windows 7 will come with an ability to make a "system image" backup. So, what this does is create a set of files...just like the OEM does that will put your machine back to the way it was when you created the backup.
Now, I elect to plug in an external USB 2.0 hard drive and make the backup to this device. You can however back up to a partition on your hard drive as well if you choose to do so. I like having it on the external drive for the rare event that the hard drive dies.
Restore isn't quite 1 button...but is extremely easy. You boot from the Windows 7 install disk, when you get past the welcome screen, you click on Repair Windows. You can then choose Restore from System Image. It will scan a hard drive or external USB drive and find your "system image". You pick it, click on continue and everything is restored.
I've used it numerous times in testing a new box that I just built, and it works great. And it's free.