I have been running two monitors on Windows 7 since it was released.... it does essentially run as a "panoramic view" except that your wallpaper graphic will be cloned (i.e. two of the same kings calendar wallpapers

.... otherwise you can drag windows from monitor to monitor even leave a window teetering across both monitors....nothing else will be cloned except for the wallpaper image... but if you maximize a window, it will only maximize it on one monitor, it won't go into super duper stretch mode across both screens unless you manually stretch it that way using the window borders...