Bern is right, this can be accomplished many times over. I have it loaded on my Black MacBook and prefer to use BootCamp rather than VMWare Fusion, although the latter is sometimes helpful when I don't want to boot up Windows natively.
You get to use all of the goodies as found in the retail edition of Ultimate. I went with Ultimate since Micro$oft stated if they found users running Windows Vista with a lesser edition in a virtualized environment, they would be violating the EULA and no support would be considered for these folks.
I have the best of both worlds by paying less than the advertised upgrade price for Vista Ultimate and still be complaint with M$ demands.