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I have been looking but i cant really find what the big differences are.... In fact, it seems like basic has a bunch of the proprietary MS crap taken out. (http://www.microsoft.com/windows/windows-vista/compare-editions/default.aspx)

I know, I'm late to the game, but as a home users that just needs a decent OS, what would i be missing in just getting the basic version. I really only game, and do art development.

I don't need crap like Windows Meeting Space or Windows Fax and Scan, however...Windows Backup i could use..

I'd go with Premium 100%, but right now I honestly wouldn't upgrade.  Windows 7 is coming out this fall and it's already shaping up to be faster than Vista.  In fact Vista's SP2 will be releasing around when Windows 7 comes out, so you might as well wait.

I have Home Premium - it was the only 64-bit option when I got my new machine. I can honestly say that in six months I've never used a single one of the additional features. Some people like the Aero interface, but I regard it as so much bloated crap. Like any good Luddite, I immediately set everything to display like Windows 3.1.

Absolutely true.  Hell, I'm using the Windows 7 beta right now, and I don't plan on removing it until they actually release the real deal.  I'll even go so far as to circumvent their time bomb/expiration on the beta if Win7 isn't out by July 1st.

^ I agree with this, hold out if possible. It shouldn't be too long before Win7 releases. Hell, download the beta of Win7 if it's still available. That may even get you all the way to its release and can skip Vista all together.

If you are absolutely set on Vista Home Basic vs Premium, I'd go Premium. For the $10 price difference, why not? I do enjoy Aero and think it's neat, it's definitely not essential though and I wouldn't miss it if I didn't have it. The only times I truly think it's more then just crap is when I'm  bored enough to play multiple instances of some games as it makes seeing which client I'm tabbing to possible before selecting that client.

I plan on exploring a bit more of the Media Center as well, that may have a few options that I may enjoy. Really those are the only noteable differences between the two for me. I haven't even tried the backup options of Vista yet, it may be good, but I still back shit up to dvd-r...=/

Well the main reason i am even thinking about this, is i need a key. I can't seem to find XP for sale anymore.

Again, then go for the Win 7 beta.  It's free, it's better than Vista, and it'll hold you over until they actually make a release.

While a good idea. Sadly, with some of the software i use, i can't take a gamble on compatibility, and still make money. If you wonder how i got to this situation, i have 3 machines, and two keys (the 3ed machine i have put together myself). A friend of mines laptop died, so i loaned him my old machine, and used its key...forgetting that my new machine needed it. heh. So i am short one copy of windows, and i can't take it back from him, he needs it to make money to fix his laptop.

Somewhat of a catch-22, so, i figured i would just pick up a copy of windows.

Really?  Really really?  I need some sort of Windows OS key before The Sims 3 arrives and I had decided on Vista-64: Ebay Edition.  I am not sure I want to trust my balls to a beta Microsoft OS.  Am I going to have to read that Windows 7 thread again?

I've had zero problems beyond some niggling stuff that had a work around for it.  This is my main OS now, and I have no intention of going back to Vista x64.

Any compatibility issues you'd have with 7 you'll have with Vista.  They're basically the same OS, it's just that 7 is actually efficient.

Alright.  If I lose my balls, I'm flying to your house the next day.

Probably not, since you'll be very sore.

Newegg has it.