Too familiar with “Add new hardware” snap-in with the control panel? Really missing it with your Windows 7? Well, it is still there..
Press together windows key+R (run) and type in “hdwwiz.exe” and you should get the “Add new hardware” wizard started.

Google search “Windows 7 add new hardware”
Now who is going to give an explanation for why this feature is not anymore available with control panel?

Minor Update (28th March 2010)

Okay, you can invoke the Add new hardware wizard once again from device manager. Click on one of the listed hardware items, after that click on ‘Actions’ menu and select ‘Add legacy hardware’

Hope this information is helpful for others also.