Last thing I heard was "yes" but, they make it out like the support will be worse than XP's for 16-bit apps.
They are trying to move away from the old stuff to reduce the amount of work they have to do. Supporting old stuff is a pain in the butt. Especially since it doesnt make them more money. (Anyone ever try to get Windows software for 20-year-old Motorola radios?)
Of course, all the current 64-bit (desktop) procesors support 32-bit and 16-bit instructions, so Vista shouldnt require any complicated emulators for the old programs.
Matter of fact, Master of Orion 2 runs great on my Athlon 64. Duke3D ran fine before, but the 32-bit executable I dug up runs even better.