It works for me
I use Vista 64 bit, premium. I didn't have any trouble setting calibre up, but maybe something in how I got there was the key to make it work.
I ran the Sony Reader System upgrade when I had the reader connected via XP.
I tried to install "eBook Library Software Update for the SonyŽ Reader" from the Sony web site on Vista but it failed. I made no attempt to clean up from this failure, dunno if anything was left behind.
I installed Calibre on Vista and it worked. I can load my reader with books and news feeds.