It seems to me that the instance of Access you open will inherit the registry settings at the time it is open. So, if you open A2K7, you'll get the registry settings that it writes in its "configuring Office" procedures. If while A2K7 is still open, you open A2K3, it will reconfigure the registry settings and inherit those for its session. This will have no effect on the already-running instance of A2K7.
The only possible exception would be if there are some registry keys that the "configuring..." process changes that Access doesn't read upon opening, but later in the session. I have strong doubts that MS would ever design things that way. Professional Access developers been dealing with this kind of thing since MS introduced the MS Installer (first seen by most people with Office 2000), and the A2K7 issues are only slightly worse than with previous versions (though on Vista, it's more complex because of the way Vista handles registry changes). The fact that MS gets the vapors over contemplating multiple versions of Access on a single PC does not mean that it's actually dangerous -- it shows only that they don't want to devote resources to supporting that scenario.
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David W. Fenton
David Fenton Associates