Just to add potential data points, I get stuttering, and I did on Vista as well.
I now run 32 bit Windows 7 Premium, and I have noticed that when I am watching I use about 40% of my CPU (2.6 Ghz AMD dual core) regardless of the window size in WMC or WMP. I just happened to be glancing at my CPU Meter gadget when I got stuttering earlier today, and I obviously don't know which was causative, but during the stuttering my CPU usage jumped to 100% or close to it during the time it was stuttering then dropped back down to 40%.
The overall duration, when it happens, is shorter and the stutter is faster in Windows 7 than it was on Vista. It seems to impact video and audio... If my Vista experience is equivalent to a person stuttering, in Windows 7 it is equivalent to someone rolling their r's.
It seems that mine happens mostly when watching TV (either live or recorded) but this could be because that is the media viewing I do most often is DVR playback or live tv.