I took a chance and downloaded it, and here are the results:
It installed without any problems and loads previously existing project files (from PE 4.0). I can edit the videos and burn a video to a folder but....
PE 7.0 doesn't recognize my DVD burner
, but PE 4.0 in XP sees it (same PC).
I re-installed PE 7.0 under XP and the DVD drive is recognized just fine.
Googling shows this problem was not uncommon with earlier version of PE under Vista and seems to involve other disc burning apps taking control of the DVD drive at boot-up making it unavailable to PE. Aside from Win 7's native disc burning ability Itunes is the only application that might be doing that now.
There are some fixes but they involve registry editing and even then might only be temporary.
I might try a clean install of Win 7 and then install PE 7.0 as the first app and see if that works...