First off, there's still no official word from HP on this. There's a 100+ pages of very unhappy customers who have spent a lot of money on systems that they are finding unusable on HP's support forum, a situation that really does call for some sort of official word on the matter.
There's also no official word from Pegatron, the manufacturer of the motherboard considered to be the root cause of the problem.
I've also heard from many, many more Core i7-based Elite Pavilion owners who have PCs that are virtually unusable because of random BSoDs, crashes and lock-ups.
Core i7-based Elite Pavilion owners have also given me a very comprehensive idea of the lengths they've gone to to try to fix their PCs, everything from new drivers, reloading the HP recovery disc, and installing different Windows version on the PC. Nothing seems to work.
I'll update this post if HP comes out with an official statement. In the meantime, if you're a Core i7-based Elite Pavilion PC affected by this problem, let us know how you feel about it.