When a particular VM is highlighted, Virtual PC 2007 can show you all of the settings for that VM (for example, some of the settings that were created when your virtual machines were created. The first of these (shown here) is simply the filename of the virtual machine. Alternatively, you can just use Windows explorer on the host system change a virtual machine's filename. But then, the console might lose track of it. That's OK though. You can easily re-register it with the console.
For David Berlind's write-up on The Virtual PC 2007 User Interface, see his post
in ZDNet's TestBed blog.