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I've installed W7 on several physical and virtual machines at work. Overall, I'm really impressed with W7 in general. It is everything that Vista was promised to be. Fast, stable, easy to use.
As for production, obviously I'm Mac, but I experienced a similar situation when upgrading from OS X 10.4 (Tiger) to OS 10.5 (Leopard). It must have taken me most of a weekend to get everything installed, updated, setup properly.
Fortunately for me, I called Apple before doing the upgrade and ended up talking to a guy on the Logic Pro development team. He provided me with step-by-step guidelines for reinstalling everything without losing any preferences or settings, so it made the process a lot quicker than it might have otherwise been.
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