Vlad, just follow the installation instructions and you should be fine on W7 (as many of us already are). CW_EPG plays fine and does not interfere with Windows Media Center or Media Player, etc. You can use WMP to play your recordings, but the first time you open a .tp file it will complain that it doesn't know that file type. Tell it to go ahead anyway and it will work as expected/hoped.
I've recently been fooling with WMC on W7 for the first time and have found that it doesn't want to recognize .tp (or .ts) recordings itself, but there is a plug-in called Media Browser that adds that capability--directly, in the case of .ts files, and with a little Registry hacking*, in the case of .tp ones. Media Browser is actually pretty cool; it goes off to the Web, finds info about your various recordings (as long as their names and folder setups conform to MB's rules) and presents it all in a nifty "cover" for each.
*The "hack" is very simple (but oddly not easy to find in Google): You must change the Registry settings in HKEY_CLASSES_ROOT for .tp files to resemble those of .ts. I did this by exporting the .ts branch, editing all ".ts" occurrences to ".tp" and then merging the result as the new .tp branch. I think that it would be sufficient merely to add the key PerceivedType with value "video" to the original .tp branch, but I didn't learn that until after I'd already performed the more major edit.