Vist Default User Profile

In the past with Windows XP we installed all of the applications required,
configured the computer the way we wanted, copied the working profile to the
default user profile and then ran sysprep before creating our image.

It looks like the default profile is located in "c:\users\default" Is this
correct? I've tried copying the working profile to the default user profile
in the advanced system properties but the settings do not seem to come
across.

As for sysprep is there a version for Vista?

Thanks in advance.