I used it up until recently with no problems. But user experiences will vary.
You need to make sure your laptop's devices have drivers for XP. Most of the time they do, however, with XP's EOL coming up the chances are increasing that there will not be. If your laptop has more than 4GB of memory, make sure to get the 64-bit version and not the 32-bit version. With the 32-bit, only 4GB of memory is usable under normal circumstances so the rest of the RAM will sit around unused.
I'd say you might be better off to upgrade the version you of Win7 you are using to one that will allow you to disable hardware acceleration.