Run a copy job and copy your Program Files directory to the new location. Then, change the registry key for it in HKLM\Software\Microsoft\Windows\CurrentVersion. The key is named "ProgramFilesDir".
Use TeraCopy to get a faster file transfer speed.
Windows Vista "virtualises" the Program Files folder to work around those bloody irritating permissions issues caused by crappy programs. Also, most programs default to this location.<BR><BR>However, ...