i thought i'd go with basic because there's no mediacenter included and with premium, you'd have to disable it...
I run MP (with the EVR renderer) on Vista Home Basic - it works fine.....
I use it in 'Vista Standard' desktop mode which means you get 'desktop composition' enabled (but not the full 'Aero glass' effects - they only come with the more expensive versions). This means that you can have MP playing video in a window/fullscreen/foreground/background and it just works - no messing around with 'fullscreen exclusive' modes etc.
One thing which is missing in Home Basic is RDP, so you have to use 3rd party software if you need remote desktop access - I use TeamViewer 4.
Tony