To my knowledge, most of the issues are with Thief Gold rather than Thief 2. And, the only real issue is that the cutscenes don't play, but that is apparently fixed easily by installing ddfix (listed in the sticky thread in this forum). I do not know if Thief 2 also requires a fix for the videos, anyone else know? If Thief 2 does require any fixes I'm sure they are included with Tafferpatcher, which Charon121 mentioned.
So, the game should run without you having to do anything, except perhaps fixing the videos. But it will run at the original, low resolution. If you want some optional modernizing features like high-res widescreen resolution and other graphical upgrades, there are many fan patches that provide this, and these are discussed in the sticky thread also. However, these are NOT required.
So I think most of the hoops are actually optional, but be aware that you might need to fix the videos. Also, just in general, old games sometimes have a few niggles with Windows 7, so you might need to mess with the install location and administrator priveleges to get it to install and run correctly. But that's not unique to the Thief games, it happens with a lot of old games.
NOTE: I haven't tried running these games myself yet, so other posters should correct me if I said anything that isn't true.