Vista and Win7 has I/O priorities, but it is done in the I/O stack above the hardware. Low priority IO that is not in flight on the hardware will be delayed. The longest a single low priority I/O operation can block access to the hardware is the length that it takes to complete, which is relative short, less than 10 ms typically. Once higher priority I/O requests are received, low priority I/O is delayed until all higher priority I/O is completed. After no higher priority I/O requests are received for a significant period, then low priority I/O resume.
SuperFetch has an extremely small interference with foreground application I/O in Win7 due to this mechanism.
In addition, if FF is a process you use frequently, SuperFetch will have the relevent code and data files in memory before you launch it.
The disk track buffer is used mostly for disk writes, since the I/O bandwith to the rotational media can't keep up with the bus transfer bandwidth.