I bought a HP laptop late December with XP, free upgrade to Vista. Vista arrived a few days ago, I'll install it in a couple weeks and post results. I haven't installed much in the way of apps, knowing I would be doing this, so I have nothing to lose.
From what I've read, pluses are better security, a 'pretty' interface called aero, and much improved media apps. Minuses, until sp1, MS operating systems usually have lots of bugs. This OS was much better tested, but with MS history I would expect bugs.
I would get Vista Premium if purchasing a new computer, but would not upgrade one for a few months.
512mb is doable, but to run the aero interface you better have at least 1 gig.
Also video card very important. Needs to be good, but not necessarily expensive.
You can set a second partition or a second hd and install as a dual boot, xp or vista. Some articles say it's a problem, some recommend it. Myself, why do it? Clean install or wait is my advice.
If you decide to move forward make sure you run Microsoft's compatability test first from their web site. It will analyze your hardware and let you know if it's up the Vista's minimum requirements. It will also let you know if what version of Vista you can buy at the 'upgrade price' and which requires full price.
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