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There's already an excellent to follow for seeing a complete backup image created once 7 is up and running you can look over. Backup Complete Computer - Create an Image Backup[2]=Backup Restore
The terms for upgrade media generally take effect when using the upgrade option over an existing installation of a previous version. Upgrade Install with Windows 7
The one you will be the most interested in however is the one performing a clean install with a 7 upgrade. Clean Install with a Upgrade Windows 7 Version