Flexbeta downloaded the IE 7 beta 1 and gave it a test drive:
There have been a few IE 7 beta testers that have reported that IE 7 Beta 1 will not install on their system. Luckily, it did on this laptop. The install is as typical as any other install; you are warned that a restart may be necessary. Microsoft has gone ahead and included the Windows Genuine Advantage Validation in Internet Explorer 7 Beta 1; which means that illegal copies of Windows XP will not be able to upgrade to the final build of IE 7 once it is released to the general public.
You can find there thoughts on Microsoft's next browser over here.