Conclusion: It is not supported!.. It looks like you need more then just bootmgr for booting a vhd. And these components will only be available on Windows 7 Ultimate and Enterprise Plus Windows Server 2008 and 2008 R2. Plus i think it is enough with WIM support under bootmgr.
Windows does not support booting to a remote share or a USB flash drive, whether installed on a physical volume or from a VHD.
You can boot the Windows Preinstallation Environment (Windows PE) from a USB flash drive, which is supported for Windows deployment.
Windows PE typically boots from either a Boot.wim or an installed image, but booting Windows PE from a VHD is not supported.
- Playing with VHDs under Windows 7
- Playing with VHDs under Windows 7 (2)
- Demonstration: Windows 7 VHD Boot
- Windows 7: Boot from VHD First Impression: Part 1
- Windows 7: Boot from VHD First Impression: Part 2
- Windows 7: Boot from VHD First Impression: Part 3 (Booting VHD from Vista SP1 or later)
- Frequently Asked Questions: Virtual Hard Disks in Windows 7