The built-in VM management capabilities are quite basic. If all you're looking for is an XP environment, you can make do with that. Whoever, if you'd like to duplicate existing VMs, there's some delicate manual work you'll have to do. That is, unless you have XP-More.
XP-More is a free and portable tool, which helps you manage your virtual machines. Want a new environment where you can test-drive the latest VS2010 RC? Want to create a backup of an existing installation before you make some changes? Just click a button, and your done.