Here is my experience with this. I performed a clean install of Windows 7 with the upgrade media but was not able to activate the copy of windows since I did not upgrade an existing OS.
I then used the reg hack in the following article which worked beautifully: http://community.winsupersite.com/blogs/paul/archive/2009/10/23/clean-install-windows-7-with-upgrade-media-the-answer.aspx.