TG2 can run fine on Win7, both 32 and 64 bit, as others have noted. I don't know what features you might be hoping it would take advantage of in Ultimate, but I think the answer on that would be no, as we don't make any particular effort to take advantage of specific Ultimate features. A 64 bit version of Windows will give TG2 extra memory to work with though, which can be helpful in demanding scenes.
- Oshyan