It not only contains the boot files, but makes the same Repair Console found on the Installer/Repair Disk available at F8 during bootup, plus will automate Startup Repair, Windows Memory and other diagnostics upon system failure.
So it is useful and not worth getting rid of, although I believe you can do so by marking Windows 7 partition active, deleting 100mb part. and running Startup Repair 3 times to rewrite the MBR.