Am I going to lose my vista cd key after upgrading?

If you need further assurance I would make a quick call to MS...

It is okay, I will call them tomorrow. Thanks :)

TS, as Tews mentioned, only MS has the final word on it, but I am pretty sure you won't.

You now have two valid licenses, Vista and Windows 7. If you had bought the Windows 7 upgrade version, that depends on you having a Vista license to be legal and stopping using Vista after moving to Windows 7. The Full Version is a separate license and not dependent from you having a Vista license to upgrade from.

Some additional info and reference can be found here.

Thanks for the info. I will check the link, and I'll call Microsoft tomorrow to be sure.
Thanks everyone.

You only need Vista to be seen by Win7 DVD from boot before it formats the HD and it will allow Upgrade key.

Your Vista then cannot be used under the EULA except to reinstall Win7. It isn't deactivated to my knowledge - maybe someone who has had it deactivated will say so eventually.

Make a Win7 backup image of the finished Win7 and you'll never need to reinstall anyway, just reimage the HD or a replacement in 15 minutes from backup image, using your booted Win7 DVD Repair console.