I have to say - I just got a new drive in the mail this morning - I thought, "What the heck- I'll see what happens".
I unplugged my normal boot drive, plugged in the new, unformatted drive, powered up and stuck in the Windows 7 64-bit install DVD.
From start to finish - including a Windows update download and install - it was less than 15 minutes. And this was on a bare drive - which of course also had to get formatted.
I still have the Windows 7 beta on the other drive which also installed smoothly. I am normally the first to nit-pik, but - I have to say I have never had such an amazing install.