Using Windows Update, I installed SP1 on an Acer 64bit running Home Premium and an ASUS 64bit Intel I7 Quad core running W7 Pro with no problems. ASUS is running Teatimer, both machines running AVG which I did not disable during install. My Dell D630 32 bit did not go smoothly. Got Error 80070005 multiple times; disable UAC, turned off Zemana AntiKeylogger, still no joy. Googling the error code sent me to a thread that said "Reset AU Permission" might work.
http://social.technet.microsoft.com/Forums/en-US/w7itprogeneral/thread/4222edeb-7068-4913-9de9-286cfc906dc4 is the hyperlink to the thread. I followed the instructions and it worked. Don't really see any performance difference before and after; I install updates for security reasons.