New
#11
You wouldn't be able to perform an inplace upgrade but likely a clean install with an upgrade disk once the installer saw an activated installation present or a genuine disk for the older version. The new installation would simply replace the present.
With a full install version disk you would simply select the custom install and see the former packed up as well into the Windows.old folder. The promotions seen for 7 however are still more or less geared at the HP and Pro editions not the Ultimate which stinks for people who couldn't attend a launch party.