You might want to look at http://rasteri.blogspot.co.uk/2011/03/chain-of-fools-upgradi... to see an upgrade of windows 1 through to windows 7 and see most things still working
If older editions of Windows just forcibly purged all the drivers when you upgraded, and told you to reinstall them afresh from the installation CD/OEM site (where you'd then get a version that's maybe for your current OS instead), that could have saved everyone quite a few headaches.
Then again, with major peripherals (displays, keyboards/mice, Ethernet cards, USB controllers) being much less standard than today, ripping out the OEM's driver could wedge your computer.