The Virtual PC team released the latest version to the web the other day, and it’s available for free, downloadable from here. Headline changes over previous versions are the ability to be run on Windows Vista, and to have Vista as a guest OS within VPC as well as miriad performance improvements.
I’ve been using VPC 2007 in beta for a while and it’s been rock solid, and performs snappier than I recall VPC 2004 doing (though since VPC 2004 wasn’t happy running on Vista, it’s been a while).
More technical information on Virtual PC 2007 is available here.