It runs fine. Bootcamp turns your Macbook Pro into a PC, with all of its strengths and weaknesses. It will run at full speed, but it will be just as vulnerable to viruses as a PC.
I would prefer to have 2GB of RAM, but it will run reasonably well in 1GB. 7 also runs fine under virtualization, although not as fast as when running Boot Camp. For most applications, the difference won't matter.
Remember, one of the design goals of 7 was to run well on netbooks, which are far less powerful than current Macbooks.
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