Interesting Computerworld article on this:

http://www.computerworld.com/action/article.do?command=printArticleBasic&articl
eId=9070119&source=NLT_AM&nlid=1
or here if the above wraps unusably: http://preview.tinyurl.com/yq3u3g

Microsoft's PDF on downgrade rights (URL is in the above article) has some 
interesting language:

    The OEM vesions [sic] of Windows Vista Business and Windows Vista Ultimate 
    include downgrade rights to Microsoft Windows XP Professional, Microsoft 
    Windows XP Professional x64 Edition, and Microsoft Windows XP Tablet PC 
    Edition. Customers may not downgrade to Windows 2000 Professional from 
    Windows Vista Business or Windows Vista Ultimate    

PDF URL http://preview.tinyurl.com/25o7fg

Looks like activation is going to be a PITA though.  From the above PDF:

      Q. What about product activation? When a previously licensed version of 
    Windows XP Professional is used for the downgrade, won´t activation fail 
    on the new PC? 
      A. When an end user is using their downgrade rights offered under the 
    License Terms in Windows Vista Business and Ultimate versions and they use 
    both Windows XP media and a product key that was previously activated, 
    they will be unable to activate on-line over the Internet, due to the 
    hardware confi guration change when installing on the Vista system. In 
    these cases the end user will be prompted to call the Activation Support 
    Line and explain their circumstances to the Customer Service 
    Representative. Once it is determined that the end user has a valid Vista 
    Business or Ultimate license, the Customer Service Representative will 
    help them activate their software.   

The shipping of XP SP3 (best guess for that now is late April, 2008) *_MAY_* 
extend mainstream support for XP.

Here's hoping MS will extend XP's end-of-sales date beyond June.

A



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