It's bloody Aug 2010 and still no support for win 7 64????
I tried installing the hardware on my win 7 64 pc and the software refused to detect the hardware. I eventually got it to work by following mexicansoljah808's suggestion.
I copied the driver
folder from the Netgear folder onto my desktop and then using the device manager pointed the driver at that folder and it installed correctly. Then I started the Netgear WN311B Smart Wizard and it detected the card just fine. I am up and running currently but it did take like two hours to figure this all out!
I should have researched the network adapter before I bought it. Buyer beware!
Edit: Apparently best solution is not to install the netgear software at all. Win 7 64 supports the WN311B. Just install the card and let Win 7 do the rest.