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Thanks all for your input on this issue. Meanwhile, I have gone the trial activation pack route since this is what tech support recommended (see also: Dafydd’s post, section T). To all lost souls, experiencing a similar delight, here is what I did (experience reported here is with Vista x64):
1) Contact Cyberlink tech support, requesting the trial activation pack (you need to send them proof of purchase)
2) Upon downloading the file “PDR_Trial_Pack.exe” from the link provided in the support mail (a 378 MB download) I followed
3) the Cyberlink instructions, that say “run the file to install software”, so I right-clicked, run as admin (just in case), which results in a rather confusing message thereafter “Warning: please install the trial pack” which I guess meant to now activate/upgrade the PD7 trial to the full version
4) So I right-clicked-run as admin PD7-activate and entered the key
5) PD7 asked for the trial activation pack (see above)- locate it on your drive
6) Voila- PD7 confirms it has upgraded to the PD7 Deluxe version (help-about confirms it is now version 7.0.2521, which I guess makes me a 2521 guinea pig). So far, I have not messed with registry entries (this is something that should not be part of a commercial product’s installation process, come on!), and hope that I do not have to do so.
One caveat though: Somewhere I read that it might be a good idea to disable UAC before installation, so I did. When I put it back on, I got a BSOD (illegal page fault), Vista kindly suggested an immediate startup repair and found the root cause and suggested to go back to an earlier restore point (which I declined): Bugcheck 50 (UAC related or PD7, who knows...). O well. So far everything seems to work, I had one PD7 crash in between, but so far, so good.
Bif reply: One more word to the versions/patch business: The full download “monster’ is build 2519 (the same as the patch that just came out), which I’ll keep if I have to reinstall the OS. Have not seen a 2521 patch yet, so I guess the trial folks are “early receivers”?
And: For the folks who are hoping PD7 is speeding up transcoding dramatically using CUDA: It does not. Transcoding a 1080p .mov to MPEG-4 mts is taking about 2x realtime on a quad-core w/ 8800GT GPU (80% load on all 4 cores tells the story).
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Build mixup. The trial is build 2521, the full (paid for) download is build 2519. 
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I went ahead and purchased PD7 Deluxe from the trial version initial screen (“buy” button) which opened an IE window, so I went ahead and got that thingy with the holiday bonus stuff (o yeahh). I was under the impression that it’s a simple activation of the 245MB trial (btw, build 7.0.2521) I had already downloaded. But no, the Digitalriver store forces me to download another full 617MB monster (why??), on top of the bonus download. No “trial activation package” or activation code that I read about elsewhere. Reading through the forum posts it seems uninstall/reinstall is particularly dicey with Vista x64 (that I have on my system). What is the recommended procedure?
1) Install the 617MB thing (btw, this one is now build 7.0.2521) over the trial?
2) Or uninstall the trial first (with the trial unistaller or from Win control panel?)?? I hate to start fixing my registry later. Cyberlink really needs to get these things better documented.
Also, I am wondering whether this will result in installing a previous build (2519) vs the trial build (2521) that worked reasonably well with the latest Nvidia driver (181.22; btw, CUDA acceleration does not work with the 177.83 driver).
Thanks.
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Same question here. Modarators, what's the deal here? In the "Readme" of the trial it says AVCHD authoring is supported in both the PD7 Ultra and Deluxe version. On the Website/feature comparison it says AVCHD is not supported as an HD video format. 
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