This morning I downloaded and install IE7 Beta 2. I installed it on the following P4 2.4Ghz 512MB RAM XP Pro SP2. After the initial download which wasn't really too big, I installed it, during installation it asks very few questions and goes in without much hassle*. HOWEVER It does validate Windows during installation (inline the installation program), so if you are using an invalid Windows key it wont work.
*of course you have to reboot cause its windows
Its a big improvement on the 6.X (tabbed version - which seemed to load a seperate instance for each tab ). Each tab in IE7 B2 acts like it does in Firefox i.e. able to switch between them quickly without many overheads. I haven't tested the new Anti-Phishing plugin but if its anything like the firewall which came bundled with XPSP2 it may be worth a look.
The look of the browser is a bit odd, though I suspect it will be skinable to a certain extent through third party apps.
Though this is a Microsoft product, I cant say I will use it very often as I work on a Linux machine. But still the final version is something to look forward too.
Here are some screen shots....
P.S. My Windows is in Irish, but my IE7 B2 is not..... hmmm