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They do still issue SPs.
If you have any problem including installing updates you can use System Restore.
There is a good tutorial here System Restore How to Do a System Restore in Windows 7.
For Win7 installation you can look at these tutorials:
How to Use Windows 7 Upgrade Advisor
Clean Installation with Windows 7
Windows Easy Transfer - Transfer To & From Computers
The above tutorials are the minimum suggested reading before you do a Windows 7 installation. This Seven Forums link has a list of tutorials:
Tutorial quick reference list for Installing Windows 7
Let us know if you have any questions.