Yes, based on my knowledge, either Read and Execute or Full Control permission is required to access the share folders. Meanwhile, Windows Vista™ has made some important changes to the way that file and printer sharing works. For detailed information, you can check the following article:
File and Printer Sharing in Windows Vista
http://technet.microsoft.com/en-us/library/bb727037.aspx
Hope this helps!
Sean Zhu - MSFT