Ash,
There is also another option for processors like the ARM7. You can load a PDA OS on it and use the LabVIEW PDA toolkit. The LabVIEW PDA toolkit is MUCH easier to use and is quite a bit less expensive. You will have the problem of getting the OS correctly configured, but in the long run, it may still be cheaper and easier. I use it quite a bit with my Dell Axim X51v which has this processor and Windows Mobile 5. There are still problems to work out, but not nearly what there are with LabVIEW Embedded.
If you want to go the LabVIEW Embedded route and you need some help, let us know on this forum. There are several of us that have experience and can help to guide you.
Hope that this helps,
Bob Young