I can confirm that it will work on a Windows 7 64 bit machine.
This is what you must do:
1. Before installing you have to right click the installer and grant it Full Administration rights. You also have to do Win XP SP3 compatibility and it will install.
2. When you use it it will toggle windows destop from basic theme to Aero. It can not handle the fancy pants Win7 Desktop colors.
I did not do any E-Mu Command Station OS updating so I don't know or confirm that...