As soon as I get my last couple of projects pushed out the door, I figure it's time to take the plunge and do the wholesale upgrade, to Win7, CS4 and PHD4. I already own all the required software and it seems enough time has passed that these tools all seem to be working pretty well for most people, and may help with some minor issues I've been having.

But as anyone who's read my prior posts knows, I know just enough about this stuff to be dangerous, so I'd like to run my proposed upgrade path past the experts here and get some feedback.

1. Obviously, complete multiple backups to external drives.
2. Download and reserve all required Win7 drivers (I'm guessing only for video card and possibly Areca RAID controller -- don't really have any other HW on machine).
3. Deactivate CS3 and PHD3.
4. In BIOS, change Boot Order to DVD Drive first (necessary?)
5. Insert Win7 DVD into DVD drive.
6. Format c: (gulp!)
7. Restart. Win7 should boot from DVD and install, yes?
8. Spend a day or two tweaking Win7, installing any necessary drivers.
9. Reinstall CS3 and update, activate. All reports say it can co-exist with CS4 peacefully, and I'd like to be able to have as a safety net if I encounter CS4 issues.
10. Install CS4 and update, activate.
11. Install PHD4 and activate.

Anything I'm missing and/or wasting my time on? Have I completely misunderstood the process?

I wonder what Mac people do for fun?

Well if your setup is working , the best move is to do nothing.
win 7 in 64 bit is pretty unstable with most application, Premiere CS4 has still many bug or incompatibilities and Premiere CS5 is already announced, so sometime it is good to skip a version.(like the one who have skipped Vista and are still happy with XP)

I guess if you want another safety net, you can add between steps 8 and 9 another step - making a cloned image of your os drive.
This way if something goes horribly wrong with your PP/PHD installation, at least you won't have to re-install win7 as well.