I am not using Windows 7, but people seem to be able to use it now. There is a sticky at the top of the OS forum that tells you a few fixes you should do.
I'm currently on RC of W7 and didn't have to make any changes to USB power mangement to get things to run. Some PCs/Laptops have issues and some don't. You'll find that if you have up to date BIOS and drivers for your system that you won't have many if any issues, but your mileage may vary. I've also seen people make the USB power mangement changes and still have issues, that's why I (for the longest time) didn't endorse and still don't the W7 USB fix... because it's not proven to fix the issue described early on for everyone.