Windows will almost certainly install drivers for the new hardware automatically with no trouble, making the change easy. You will need to remember that substantial hardware changes will result in Windows deactivating (to prevent someone copying the disk image to many different machines). The rules by which a significant hardware change are detected are somewhat complicated but known, see here.
On never versions of Windows activation after a significant hardware change works just like activation of a new install - it will automatically attempt to activate over the internet. Internet activation will fail if the license has previously been activated too frequently*. If this happens, you will need to call the 1-800 number that Windows will give you and speak with an activation rep, who will manually give you an activation code, generally without any questions asked.
(*) for Windows XP this was more than once in the last 120 days. I believe this has changed in Vista/7, I do not know what the new rule is.