SharePoint 2010 Beta Installation Issue cum Resolution

Recently when I am installing SharePoint 2010 Beta on one of our sandbox we faced following issue:

Microsoft.Office.Server.UserProfiles.UserProfileException: The request channel timed out while waiting for a reply after 00:00:19.9340000. Increase the timeout value passed to the call to Request or increase the SendTimeout value on the Binding. The time allotted to this operation may have been a portion of a longer timeout. ---> System.TimeoutException: The request channel timed out while waiting for a reply after 00:00:19.9340000. Increase the timeout value passed to the call to Request or increase the SendTimeout value on the Binding. The time allotted to this operation may have been a portion of a longer timeout. ---> System.TimeoutException: The HTTP request to 'https://myserver:32844/d31735f8a1b34f3a8263707181c7e298/ProfilePropertyService.svc' has exceeded the allotted timeout of 00:00:19.9990000. The time allotted to this operation may have been a portion of a longer timeout. ---> System.Net.WebException: The operation has timed out

After trying all possible approaches, following steps resolved the issue:

Step:1
Open the Channel.Config file available @
C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\WebClients\Profile

Step:2
Replace the "sendTimeout="00:00:20" to "sendTimeout="00:01:20"

Step:3
Reset the IIS (Option as the wizard will restart the service)

Step:4
Rerun the wizard, you can successfully complete the SharePoint 2010 installation.