Since the Windows Live Writer Backup Utility won't work under Vista x64 at the moment, I'd like to describe how you can do this manually.
The complete settings consist of four parts:
The blog templates reside at C:\Users\<your user name>\appdata\Roaming\Windows Live Writer\blogtemplates or when using C# you
Your blog posts are located in the "Documents" folder inside a sub folder called "My Weblog Posts". C# knows the "Documents" folder as Environment.SpecialFolder.Personal.
If you installed any plugins for Windows Live Writer, you will find them inside your "Program Files" folder underneath "Windows Live\Writer\Plugins"
Last not least, you have to open regedit.exe and navigate to HKEY_CURRENT_USER\Software\Microsoft\Windows Live\Writer. To backup, simply right click, click "export" and write the settings to a .reg file. Double click this file to import the settings again.