I've only recently updated my PSP II to PSP 7. During the installation, it checked for updates and none were available. None show on the web site as of this time. The new version does offer both a 32 bit and a 64 bit installation option...or you can install both. The claim is that there are more plugins for the 32 bit version at this time. I've used PSP since it was Jasc shareware. Patches have been few but they've been available as downloadable executables on the support site. I've found it to quite useful but still more than I need. If you've not used it, there will be a learning curve. I bought my PSP 7 Ultimate for 30 bucks during one of those Amazon lightning deals they were having over the holidays. They may offer it at that price again...who knows. Hope that helps.
PSP 7 appears to be compatible with Win 7 (based on 4 users replies). However if updates (bug fixes, enhancements, etc ) are needed how are they accessed ?