No device drivers just magically work. Someone has to test and ensure that the work; when you buy a computer they do that for you. When you install an operating system on a pre-owned computer your chances get smaller. Most manufacturers upgrade their drivers to ensure they work with the latest version of Windows (and Apple does the same for its computers).
No OS has complete hardware compatibility "out of the box". That's an insane request, of course. So if you want to compare apples to Apple, you have to compare a preinstalled linux box, not some computer you pulled out of your base with 2 inches of dust on top.
Because there are other solutions available where that laziness is allowed.
When Windows 7 x64 came out, the Windows hardware advantage pretty much went away. You may be lucky enough to have your old peripherals just work, but chances are good that something will break.
So no matter what OS you choose, you need to do research, buy the appropriate hardware, etc.
Now, that said, I can almost guarantee that that old scanner in the bottom of the closet which stopped working with Windows 2000, will absolutely work just fine with the most current Linux kernel.
Current versions of Linux (Ubuntu 11.04 etc) use 2.6.37, though.
All integrated sound solutions have open source drivers.
The only problem spot is graphics drivers.
You're more likely to run into device driver problems upgrading to Vista/7 than you are upgrading to Linux. (although there the problems are older printers and other peripherals that significantly predate Vista).
Suspend / Hibernate still pretty flakey IMO :(
Device driver issues are really the only reason I haven't become a convert.