Here's one data point: most of my fellow developers in MS seem to be running 7 these days (every now and then, you get a question on the team mailing list, "anyone got a Vista box to repro this?" ~). A large number of people ran it as a main development desktop in RC and even beta timeframe, too.
Most of Vista development hurdles, as I understand, are with UAC. 7 throws a few less prompts at you, but for particular usage scenarios when doing development, it probably won't be any different. Of course, you can always turn it off, too, but you could in Vista just as well.
Some nice parts are there if you work with RDP regularly - which you probably do if you have several boxes and don't like KVMs, and/or run VMs on Hyper-V or Virtual PC. When doing RDP 7 to 7, you can get full Aero Glass experience, with all the effects enabled. Apart from the eyecandy, it can be helpful when testing related functionality.
What else... PowerShell 2.0 final out of the box. I find it a very handy development tool, just as shell is on Unix. You can get PSh 2.0 RC for XP or Vista now, but not final (yet).