First off, Virtual PC Express is being offered only in the Windows Vista Enterprise SKU which is only available to Enterprise Customers with Software Assurance agreements. Its important to note that Virtual PC Express won't be widely distributed to the general Windows Vista user-base. At least not in the near future.
Virtual PC Express is limited to only 1 single Virtual PC Image and supports Windows 9x, NT, 2000, XP, MS-DOS, and OS 2. Its designed to give Enterprise users the ability to use a earlier version of Windows for application compatibility if needed for applications that cannot be made to work on Windows Vista. Essentially it gives Enterprises the ability to upgrade and still be able to use their older software. Software Assurance customers get the right through licensing to run two operating systems - Vista and the "Guest" OS. Virtual PC will also offer 64-bit support as well.
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