articphoenix, I think dual boot setups are usually more hassle than they're worth and waste resources. Most vendor support sites have information about whether their products are Win7 compatible, and there is also Microsoft's
Windows Compatibility Center. Windows 7 includes built-in application compatibility tools that are very effective and mostly automated.
Win7 users can also download free software to create a virtual XP machine that will run software that otherwise won't work under Win7. Setting up apps to run in Virtual XP Mode is a little clunky, but works really well. More info on both Virtual XP and compatibility tools can be found
here. Please note that there are hardware requirements of virtualization, and there is a test tool on the site. Whether you use a dual boot setup or Virtual XP, you will need to keep BOTH updated and patched.