The only thing is you can't use the same key on two computers at the same time.
I've never had to do a double install of Windows 7 upgrade when doing a clean install over Vista or XP. Windows 7 upgrade will recognize the older installation. The old installation will still be on your hard drive so just erase it when you are finished. The only time you have to do the double install is when it's a new install on a fresh hard drive. I've even installed Windows 7 upgrade on a new hard drive (C) while Vista was installed on an second hard drive (D) so I had dual boot.
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