Cisco has a beta version of the IPSec VPN Client out, version 5.0.7 BETA (vpnclient-winx64-msi-5.0.07.0240-k9-BETA.exe) available for download. It appears they got the message about the need for a 64-bit version of the IPSec client for Windows 7! It is available for download on CCO but requires a valid CCO login and current contract to get the code.
This is great news for Microsoft customers that have Cisco ASA's, PIX's or VPN 3000 concentrators deployed and their IT team is migrating their client OS's to Windows 7. Many OEM's are shipping the default OS as Windows 7 64-bit to take advantage of the all the RAM systems can support today.
Cisco is still pushing their AnyConnect client + ASA platform to compete with Microsoft's DirectAccess solution on Forefront UAG. Cisco is positioning the AnyConnect client as an always ready vpn client that auto-reconnects and is seamless in that process. I don't know if I am buying that position given the flexibility of what DirectAccess can do and how you can manage the policies with GPO's in AD in the Microsoft solution. Plus the fact that once DirectAccess is deployed there is no VPN "client" per-say, it is more of a policy function which is a very unique position in terms of product positioning.
At least if you have a Cisco IPSec solution deployed today you can now leverage it with Windows 7 without requiring any third party software to get around the problem of being on a 64-bit OS.