I posted this question in the Adreno Tips discussion thread, but since that thread is always sticky my question may get overlooked. So here it is again:
Q: Does Andreno Profiler run on Windows 7 in Windows XP Mode? (http://windows.microsoft.com/en-US/windows7/products/features/windows-xp...)
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Yes it does, but adb executables not in the exe folder are not accessible to the profiler. This is planned to be fixed in a near future release. Otherwise it works as normal.