fyi - I recieved this last week and installed it. It's a full version of Ultimate 32-bit. you install it and register it at MS. It doesn't come with a product key, so once it's registered, it's a done deal on that computer.
i have the hardware. i built my computer for gaming and could easily run vista. i just do not like vista in general. we have a dell XPS laptop in the house with vista on it and i hate having to use it for w/e reason need be.