I guess Internet Explorer 7 is the same in XP, Vista and 2008. The only thing that might not work is the EPiServer Client Components (Spellchecker, Export to Excel, Advanced File Upload etc), but they should. But you won't be needing those when developing usually. So i basically doubt that you will have any problems with the client side of EPiServer.
CLIENT REQUIREMENTS FOR EDITING
Any of the following is required:
On my develuper PC I use Microsoft Windows Server 2008 because of Sharpoint. I am planing to use Episerver in a project. Wil Microsoft Windows Server 2008 be a problem for me? Is it something I can do to use all the functionality in Episerver?