pretty much...some apps no. ms office and a few games are the only things not on the HDD
Just a few days ago I went from the win 7 rc to a retail version. I have all the bench apps, tweeks software, drivers loaded, A couple games (I bench way more than I game...way more, so I installed these a few days later), browser bookmarks, e-mail address book file, MS office (CD), adobe 9.0 standard, media server apps so I can stream to my TV, video editing software, apps and drivers for my video equipment. I use Thunderbird for e-mail, so I just copy my entire thunderbird directory back-up to the new application data directory, the list goes on and on.
I have a prioritized list developed for what I use my system for. I just go down the list. Some things I don't get to for a few weeks I use them so infrequently.