So today is Oct 22, and many of you will or have already downloaded Windows 7. There is an issue concerning Vista/XP 32 bit users upgrading to Windows 7 64 bit downloading via the student deal I posted a while ago on this forum.
It seems that the .exe file they made you download can only run on a 64 bit environment giving you the notorious Win 32 error. Thus Vista/Xp 32 bit users upgrading to Windows 7 64 bit are reporting that they are not able to upgrade b/c Microsoft somehow didn't catch this small but crucial detail. As of today Microsoft has not posted a official work around, but download squad as posted a solution that involves creating a bootable Windows 7 installation disc.
http://www.downloadsquad.com/2009/10/22/how-to-make-a-dvd-of-that-student-only-windows-7/
I ran into this problem, tried the fix and I can confirms it works. I upgraded from Win XP 32 bit to Win 7 Professional 64 bit and it is running and fully activated.