New
#11
Yes, this is an in-place Upgrade so that version is all that's needed. However, you should have a qualifying XP/Vista on hand which it replaces under the EULA.
The issue could only possibly come up during a reinstall reactivation where you are elevated to a MS phone person, but no one has reported this yet. Make a Win7 backup image of the finished job so you never have to reinstall again anyway.
They are both 64 bit, correct?