Have Windows 7 Ultimate/Enterprise and use Boot-to-VHD. Simpler and faster. You can just use the Windows AIK to imagex the install.wim to a VHD in 7 minutes.
Here's a plan .. why not start another thread with all the instructions necessary to do this? Seriously it would make an interesting alternative ...
Hrm, there was a thread indicating it but none explaining it. I would make a thread, but I would still be unable to post a direct link. I am unable to put a direct link, since my post count is too low. Boot to VHD method is described below in this link. I did this and have been using this method. windows8geek.com/2011/04/install-windows-8-in-a-virtual-machine-bootable-vhd/