Is there any conflict?
The installations won't interfere with each other, although the Delphi 2009 and Delphi 2007 projects are not compatible, and can't be shared.
I have at least 4 Delphi versions on one machine. They do not bite each other.
I always install older versions first because i had once problems if i did this the other way round.
I have Delphi 2007 and I have installed 2009 yesterday with no visible problems so far. Both seem to work fine.
Install them in their own directories, and make sure you keep package binaries separate, you should be fine. I've got 2009, 2007, 2006, 7 and 5 all on this machine with no issues.
.. and if you compile existing packages make sure you give them a new name (e.g. suffix with D12) as each version's BPL directories are in the path.
I am running 2007 and 2009 on the same machine (this machine) just fine. The only problem you might have is if you are compiling components to the same directory - you will just need to rebuild all your DCU's and packages each time, or make version specific packages and directories.