I finally ignored my own advice and gave in
Installation was easy enough and everything detected OK.
All peripherals OK. My only glitch was spending half of last night recovering from Bluescreens with my TV Card disagreeing with the Video Card. Turns out the Hauppauge drivers I was using had 2 variants - 1 for the Hauppauge viewer and 1 for integration with Media Centre. Once I tried the latter it's A1, and the Electronic Programme Guide is inky-moomy.
As for the look and feel - love it. Not found any of my apps that have compatibility problems.
gbaji is right - Since Win95 you hand over complete control of the system to MS, but for what I use this machine for (gaming and pissing about) I'm fine with that.
If I were still running mail and web servers and relating SQL databases I'd probably still be going with Linux