I'm not running a heavy-duty HTPC here, only using this laptop to play ripped HD movies. I like XP much better for everyday use, but am not opposed to dual-booting 7 or Vista if I can expect appreciably better video and audio quality.
As far as I've read it seems that the main advantage of Vista and 7 is much better WMC? I can see how that might be beneficial for dedicated HTPC's that perform a multitude of those specialized functions.