It's bootable image based on en_windows_7_ultimate_with_sp1_x86_dvd_u_677460.iso
This Windows is updateable through Windows Update (language packs cannot be installed).
There is no any software or updates added except newer Internet Explorer 9.
Windows 7 is not activated (you can use your own key or favourite method of activation).
Some tools used: dism, gimagex, vLite, RT7lite, W7T etc.
Some features left are (see screenshots above):

Windows Media Player (with default codecs)
Internet Explorer 9 (Google is default search engine and home page)
Windows Mail (working)
Windows Fax and Scan
Windows Defender (on by default)
WinSAT (Windows Experience Index tool)
all components needed for mobile computers
Gadgets (CPU/RAM usage, time, calendar)
Games (no premium games)
.NET Framework 3.5.1
Windows Update and Security Center

A lot of stuff is removed to reduce the size of the image.

Some removed features:
Accessibility
BitLocker
PowerShell
Windows Help
asian languages and fonts (MS Office 2010 installs without errors)
Some rarely used fonts
Speech engine
Tablet features
IIS
Remote Desktop and Assistance
Sync Center
Windows Sounds, themes (aero presents)
Windows Easy Transfer

Some tweaks applied are:
------------------------
Allow 3rd Party Themes
Allow Windows Live Movie to import from network
Always Unload DLL
Disable Group Policy Synchronise
Disable Hibernation
Disable Search Online on Unknown File Extensions
Disable Shortcut Link Resolve
Disable Thumbnail Cache
Disable Windows Error Reporting
Double Mouse Speed
Enable Boot Defrag
Enable DVD in Media Player
Enable MSI Service in Safe Mode
Faster Browsing in IE
Increase Icon Cache
Kill Services Quicker on Shutdown
Open NFO files with notepad
Remove 'HomeGroup' from Explorer
Remove 'Libraries' from Explorer
Remove 'Music' from Start Menu
Remove 'Pictures' from Start Menu
Remove Shortcut Suffix
Remove 'Videos' from Start Menu
Remove Windows Mail Splash
Restore Previous Folder at Logon
Show 'Computer' on Desktop
Show Hidden Files/Folders
Speed-up Access to AVI Media Files
Unlimited Simultaneous Downloads

Some services startup is modified as well (see screenshots).

Note that almost all the drivers are removed and you should have your computer drivers ready before installation (at least drivers needed for network devices).

Drivers left:
Basic system drivers
Sound drivers
LAN/WLAN drivers

If you are regular user you will not notice any difference using my lite version compared to full-featured Windows 7.
I spent more than 200 hours in process of manipulation wim images and testing them. Finally I finished my task (a reliable image with CD size and maximum number of features left) and can share with you what I've done. Now I'm pretty happy using and sharing my built-up Windows 7.

An autoattended.xml file is inserted in the image to automate the installation (Language: EN, name: Administrator, PC name: IK-PC, time: UTC+2h. All can be changed after setup). You need only to point a partition for installation and in 5-10 min Windows should be installed.



Always check hashes after download to ensure iso file is virus-free.
CRC32: CB812322
MD5: 3F74D0D6C9E25CCEE4AFE92E85B6E1DE
SHA-1: B74FEF3B2DE2D4FE701EC5B6FC9FBAD765B3B7A0

Feel free using my lite Windows 7 Ultimate with SP1 and IE9.
Enjoy!