VMWare vs. Bootcamp for first time installation...thoughts?

I've got an early 2008 MacPro 2.8ghz with 10gb of RAM. I have 300gb and 500gb internal hard drives; the 300gb drive is the OS X start-up drive.
I'm looking to install the Win 7 beta and eventually buying Win 7 when it's released so I can run a few Windows programs (like a non-crippled version of Excel, one that supports VB and macros).
Would I be better off buying VM Fusion 2.0 or going with Bootcamp. I'm primarily interested in a) stability; b) speed when running under either operating system; c) installation ease. Hot-swapping is appealing but not essential if it means significantly compromising stability or speed.
Also, can I install the Win 7 partition on the second 500gb drive to allow for a bigger dedicated Win partition. I have 100gb left on the Mac OS drive, and using it for Win 7 would probably leave me with a too-small Win partition while simultaneously limiting my OS X space.

Thanks much, but can I get one clarification? When you say "pull" my OS X drive, I'm not sure I'm following you. Don't I need to run Bootcamp from my OS X drive to begin the Win 7 installation?
I've never tried installing Win on a Mac (6-yr Mac user, 25-yr PC/Win user). I'm guessing your saying I should physically pull the OS X drive to take it out of play, then boot from the Win install disk and choose the remaining drive?

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