Windows 7 was officially available to MSDN and TechNet subscribers on April 30th and going to be available publicly on 5th of May.
What’s a good news that Windows Virtual PC will be a part of Windows 7, especially for Windows 7 Professional, Ultimate and Enterprise which will provide you the capability to run multiple windows environments such as Windows XP Mode from your Windows 7 Desktop. So you will have peace of mind to upgrade your Windows XP to Windows 7 without worry losing your legacy application. Windows Virtual PC Beta itself will be available for download on 5th of May. Yeah… I’m going to try it out when it’s available for public.

Stay Tune …
http://www.microsoft.com/windows/windows-7/default.aspx
http://www.microsoft.com/windows/virtual-pc/default.aspx