My netbook came preinstalled with Windows 7. It also has a recovery partition. Do I still need to create separate system repair discs?
There usually isn't any way to boot directly from the recovery partition, that's what the system repair discs are for. Depending on the system, the recovery partition may or may not be essential for problem repair (thus, if you lose the HD you could be screwed).
I personally take the alternative tactic of making a complete image (I boot linux from a CD and use an external hard disk to write the image to). This way I can always get back to factory state, even if the hard disk dies or whatever.