JDK7 has been changed to use VS2010 on Windows XP/2003 now and the dll/exe files built by the jdk7 makefiles now only depend on msvcr100.dll and no longer on msvcrt.dll (on 32bit or 64bit).
Previously, even when built with VS2003 the dependence on msvcrt.dll was very limited, mostly being dependent on msvcr71.dll.

The issue at hand is that the old runtime msvcrt.dll will no longer be shipped with jdk7, and doing an inspection of all the dll and exe files in the jdk7 shipment (using dumpbin /dependents), only the visualvm exe/dll files had a dependence on msvcrt.dll.

Once jdk7 stops shipping msvcrt.dll I assume any use of it will likely find one somewhere else, either in the system32 directory or somewhere in the PATH (although that may be arbitrary). The concern may be that you won't know which version you got.

Ideally, we would like to see the visualvm binaries built with the same compiler as the jdk7 product, but in any case I felt it was important to file this bug as a heads up to the visualvm team.
See 6950375 for more info.