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#11
If 7 is already running on it it's a primary and booted into XP would see the volume mounted as a logical drive just as you would see when any other partition other then the OS primary you are booted in at the moment. XP is viewing the 7 volume as a logical drive while 7 sees and list primaries as primaries.
XP is seen as C being the first primary on the host drive with 7 seen as D in the screen you posted. When looking at two separate drives both OSed in the 7 DM the screen shows how that looks even while two drives not one are involved.