Have not personally done this - but if you read the posts from others in CDF - they have done this successfully with Acronis True Image-
I personally would not chuck the old drive until I was confident that the new one worked as it should-
Also I would carefully and completely defrag, optimize and clean the registry of the old drive [I]before[/I] doing this cloning-
I have however - again using Acronis True Image - backed up a complete image of the old drive to an external drive - verified the image - installed and formatted the new drive - and restored the image to the new drive - very successfully I may add-eh!
(also - there may be some merit in using a disk drive manufacturers software - if you are say going from a Seagate old drive to a Seagate new drive - though I personally have never done this)