I downloaded Android Studio and attempted to launch the program.
This is running on Windows 7 64-bit with Java 1.7. During the installation my Java 1.7 is detected,
If you have a 64 bit windows OS, pointing the JAVA_HOME system variable to
C:\Program Files (x86)\Java\jdk1.7.0_21
Will work when
C:\Program Files\Java\jdk1.7.0_21
fails to work.