Yep. I actually bought the card and set up my cabinet with windows 7. However, I soon discovered that there is an issue with windows 7 and interlaced resolutions that causes games to run at half speed. I think it only affects arcade monitors when you're syncing to the refresh, but I'm not 100% sure. Vector games like Asteroids are totally unplayable.
There's also another issue with applications that try to switch from a non-interlaced resolution to an interlaced resolution. Basically, this is a problem if your front end runs at 640x480 interlaced, and you try to launch any non-interlaced game in MAME. The game launch will fail.
I liked Windows 7, but it was far from cab friendly. I ended switching to Windows XP x64.
My current setup is Win XP x64, ArcadeVGA3000, hyperspin FE, GroovyMAME.
GroovyMAME works well with the ArcadeVGA, but if you use a supported "normal" ATI card with their patched drivers, you can get 120 to 160 custom resolutions instead of the 30 or so that the ArcadeVGA supports. This means that more of the oddball resolutions in MAME are matched and accurate. The only problem is that Hyperspin chokes when there are that many resolutions. Hopefully, the Hyperspin team will fix the bug.
Incidentally, when I got my ArcadeVGA3000, the driver CD did not have drivers for XP x64 on it. I had to download them from here...
GroovyMAME support forum on BYOAC