TweakVista has posted a detailed article about customizing the new screensavers in Windows Vista that are also included in Windows 7.
Since then a developer Onmicoder has taken the tweaks a step further and built a GUI around the registry values.

Now users that don’t want to modify the registry manually can customize screensavers with just a few clicks. You can download the utility on Neowin Forum. Once downloaded make sure you run the utility as administrator. It modifies portions of the registry that require administrative rights to make changes.
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