I tried doing this today (installing Vista on my Raptor and XP on my eSATA drive). My eSATA drive is recognized as a regular SATA hard drive in my BIOS.
First thing I did was unplug my Raptor, install XP on my eSATA drive then I unplugged my eSATA drive, plugged my Raptor back in and installed Vista on that.
Both OSs installed on their hard drive successfully, but Vista didn't "see" XP on the other hard drive. After both OSs were installed on their hard drives I shut my PC down, plugged both hard drives in and powered the PC back on. Vista booted. There was no boot menu. I can get the device selection thing from my BIOS to show up if I keep pressing escape when my BIOS splash screen shows up and that lets me choose which hard drive to boot.
That's not how I want it though. I thought if I did it this way, Vista would automatically create some kind of boot menu that would come up on its own everytime I turned my PC on or restarted?
I installed VistaBootPRO on my Raptor (in Vista) and whenever I ran it I would get a message saying that a Vista installation was not found on this hard drive. In the "Manage OS Entries" window in VistaBootPRO it does show Vista, but it doesn't show Windows XP (which is installed on the other hard drive).