As I said on another thread, yes, it is compatible. You need to install it using the right-click "install as" routine to make sure that you are installing with administrator privileges, even if you are logged into an admin account.
I have Windows 7, 64 Bit, with Service Pack 1. I did receive a compatible warning during installation, but installed software anyway. So far, the software appears to be correctly transferring and recording data from device to PC. The only issue is the programs display window will not expand to full screen. However, I find the programs display screen large enough to read. I've tested all functions within the program and can't find any other issues other than the full screen expansion problem.