Windows 7: New Hard Drive Question

There is nothing to be gained if you split the OS on 2 drives. I would leave everything on 1 drive - including the program files. When you install BIG programs, you can still decide to install those in a different folder during the installation phase - but I myself would not bother.
Your user data is another question. I would highly recommend to put your user data into a seperate partition. There are many advantages to it. See my little tutorial on the matter.
Another method is to define user folders on the other drive, move your data into this folder and include those into the respective library. That is the beauty of the library concept.

I concur re: games.

I agree with Wishmaster on this. And I'm curious, what problems would one be inviting?

Example: I run an SSD and I do game. One game in particular is Microsoft Flight Simulator X - 15GB! On a 30-32GB SSD, that be the only game I could install on that drive--if I still had space left from other program installs. Any application, not just my games, but any application that weighs in more than 1GB in file size gets installed on a secondary drive: C:\Program Files (x86)\DATA\... (where "DATA" was the empty folder that the drive got mounted to) -- and this serves me well with no problems.

Now, the OP has not stated that he is running an SSD, but again, my question is, what problems does one invite doing such?

EDIT: Just want to add, I'm only asking... My question is not intended to be confrontational.

Not all code is created equally. Any hard code/call to C:\Program Files would fail.

Your example would survive the weak code.

My initial caveat (App devs not addressed here) was proferred poorly. Let me try again...

Advanced users are free to continue utilizing advanced techniques; this discourse is targeted at a more common user type.