Despite the System Requirement of Windows XP SP3, I took a chance and downloaded and installed the new Reader for PC software anyway.
And, on its own, it seems to work just fine with Windows SP2:
After retrieving my Reader Store password, I could go to the Store, browse, add free eBooks to my cart, go through Checkout, and download them to the desktop just fine (STFU about the Romance manga above; they were free!).
And despite some people saying so elsewhere, I could also easily open and read the books:
The true test will come if I wind up buying the new Sony Reader WiFi (for that to happen, it must have Android and be rootable). Although having to sync with the desktop via cable isn’t necessary to use it, I’d still like to see if that works properly under XP SP2.
There’s only one problem I’ve run into. When I launch the software, it opens way off-center on my screen. Other than that, it seems to work fine.
So, if the talk of requiring Windows XP SP3 has given you concern, download the software first and see if it works on your machine.