Win7 is NOT "everything that Longhorn promised to be (before it got castrated and turned into Vista". That major overhaul is waiting for (yet) another release.
The Beta of Win7 is indeed faster and may be more stable than Vista. It has many features removed and/or relocated to Microsoft's cloud service (Windows Live), to reduce its footprint. Most people who panned Vista seem to like Win7 so far.
System-wise, Win7 is essentially Vista with some fixes. Steve Ballmer said as much -- it's minor changes, not an overhaul.
Have been running an eeepc 900 since last summer with Xandros using Celeron processor and 1gb ram. People who have used it comment that it's pretty fast, never complain. This OS & netbook have performed flawlessly, I'm impressed.
BTW, I used this netbook as a ‘test pc’ for Windows 7 Ultimate. It runs pretty smooth with the minimal processor. I think W7 is faster than vista and uses less resources. It seems to work well. I read that one of the 6 versions of W7 will be used for netbooks.
***The Beta of Win7 is indeed faster and may be more stable than Vista. It has many features removed and/or relocated to Microsoft's cloud service (Windows Live), to reduce its footprint. Most people who panned Vista seem to like Win7 so far. ***