I have had many thoughts on this. Currently I do not have the time to check into the new stuff but plan to in the future. I do own the ubcd4vista.com domain, so we will have a site.
While MS is finally going to allow everyone to be able to use the wonderful environment, I feel they will miss a few key features. I trust that Bart will pick up where MS fails. Bart hasn't been too open about the development of BPE 4.0, but I have received hints that he is working on it. So for now I am siding with Bart and trusting that he will make PE or RE better. I also trust that he will have a version released in a timely manner. If anything different happens, we may consider using MS's software for future versions of the project.
Now also consider a few things. Software will need to be coded for Vista and I feel that it will take some time for free software specificly wrote for Vista to be released, so there really is no rush to create a special Vista build. There are still many things we want to do and add to this project so I do not see development on it dying for at least a few years. Which brings me to another point, how many people are still using 98?? Almost 10 years later there are still a lot of "cheap" or "financially challenged" people out there that can't justify upgrading. So to add to what I said above, development may end for the XP version of UBCD4Win....but demand for it should continue for years after that.

It's going to be interesting also to see us working on the current XP version while working on a new Vista version. Hopefully we get more members added to our development team or it will get a bit ugly.

We are already pretty busy so I don't know how we could handle trying to work on 2 versions!!!