So my 'downgrade ultimate to home premium' search brought me here, amongst other places.
But now that I bought a refurb desktop with no OS (with a COA for 'Windows Vista Business OEMAc') I needed to use that Ultimate license on the 'new' refurb desktop. I had 'Windows 7 Home Prem OA HP' on a HP desktop I bought new and then upgraded the system to Ultimate with an Upgrade key.