Recently, Shai Raiten has blogged about installing SharePoint on Windows 7 (or Vista). This works for SharePoint 2007, but (at least for me) failed for SharePoint 2010.
However, there is an easy way to install SharePoint 2010 on client OSs (Windows 7 x64, Windows Vista x64):
1. Extract/copy the SharePoint installation to somewhere on the hard drive.
2. Open config.xml file located in the Files\Setup subfolder.
3. Add the line
<Setting Id="AllowWindowsClientInstall" Value="True"/>
before the closing </configuration> element, and that’s it!
Run setup.exe in the usual way.