I can't say that I agree with MAG, since I'm working on a Win7 system right now that doesn't have any version of C++ installed.
It's really only for programmers, or for an odd program that needs those libraries installed.
From what I've read, it's not like .NET framework, and you only need the latest and greatest version installed (plus updates) so older versions should be ok to remove, or all of them if you don't have any programs that rely on it.