The 2005 version of vcredist_x86 only appears to support up to win2000 ... so I hesitate.
It does actually work on later versions (I have LfW on Win7 64bit) but it _is_ very ancient! It would be a rare person nowadays that has this particular compiler, so the decision was to go with mingw.
'Official' position is that current LfW is out of date, and you are recommended to download the Batteries provided by the LuaDist project (see link on http://luadist.org)
