Yeah, you can upgrade from XP. I wanted to get in on the $50usd ($65cdn) pre-order offer that expired on Jul 12th, but first I wanted to make sure that Win7 Home Premium - Upgrade Edition would allow me to upgrade from my copy of XP Pro 32 OEM. I emailed Microsoft and they confirmed that I can upgrade my copy to Win7 with that package, so I pre-ordered a copy of it.

Loving Windows 7, been on the RC for quite awhile now. I haven't even booted XP since I installed Win7.