Home basic - yes, it's basic. Lots of features found in other versions of Vista are disabled in this version - they're on the disc but you can't access them without an "upgrade". It will run in 512MB - cripplingly slowly if you have more than any 2 apps up at the same time. That is also without shared video RAM - of which Vista needs 128MB so you end up with only 384MB of system RAM available making the macine even slooooower. The sidebar interface is a gimmick at best, a waste of screen space at worst.
Vista has multiple driver problems. If you have any hardware over about 2 years old then it is very likely that there may not be a Vista driver available. The machine that I have just been asked to install this on now is almost useless except for running MS Office. The Epson Scanner, Brother Printer and Canon cameras won't talk to the machine at all and the HP printer only works in BW!
The security functions are prohibitive, often having to click on 5 - 6 check boxes to do simple tasks as Vista asks "Are you sure" followed by "warning!!!" followed by "are you really sure?" then "you can't do this because ..." followed by "warning!!!" followed by "are you sure" follwed by "OK, I might let you do it just this once". The new version of explorer is not very instinctive either.