eMachines/Acer does not support Windows 7 for your laptop and apparently doesn't support 64bit even in Vista. You may be able to use W7 32bit and the 32bit Vista drivers but there is no guarantee. I am guessing this lack of W7 driver support may be why your control panel isn't working - the issue would be your Intel VGA driver. It is possible W7 used a more current but generic driver although you do mention you have a control panel which from the sounds of it looks like it always did but just doesn't function so I'm afraid I am back to the W7 isn't supported idea. Perhaps someone else has more constructive ideas, sorry.
http://support.emachines.com/em/driver/
By the way: Are you 32 bit? Did you do a W7 upgrade from Vista or a fresh W7 install? And before you upgraded, did you run the W7 compatibility adviser to check for issues?