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thinking of buying Windows 7 Ultimate to use on my current computer that is now running XP Pro
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The Windows 7 Ultimate upgrade only applies to systems running Windows Vista Ultimate.
The only way to bring a Windows XP Professional system to Windows 7 Ultimate is to
purchase a full Windows 7 Ultimate.
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wondering if the upgrade can be moved over to a new computer later on
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Only if you have both DVDs for each operating system. The hard drive could be moved over but
a technician would have to do the swapping seeing how it’s a much more involved maneuver.
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I'm assuming that the full version can be used on a newer computer if the previous computer that it was installed on is retired.
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License-wise yes. One license (serial number), one computer.
Some
Windows 7 upgrade FAQ here at Microsoft.
We also have
a "sticky" thread here in the Windows 7 forum showing upgrade options.