CA's tool transfers data files, Windows and application settings, but not the applications themselves. You can move data to another networked PC or by using a deferred migration - copying settings to a standalone executable and taking that to the PC you need.
Setting up a real-time migration requires you to install the program on both PCs, then follow a wizard. It's occasionally unintuitive - key settings are made on the destination system, rather than the source - and the PCs didn't always recognise each other immediately, either.
Rebooting the destination PC resulted in Windows error messages we hadn't seen before, complaining there was 'no disk in the drive', and that the 'Spooler Subsystem App' had failed. And, of course, Outlook Express email information doesn't get translated to the new Windows Mail format. Otherwise, performance was good, with data files, Windows, IE7, Office and other application settings transferred successfully.