When you reread the documentation that you agreed that you read without
actually reading it, you will find that Microsoft told you the software will
expire no later than May 31, 2007.
The license will become void when the final is released, but the software
will continue to function until June 1, 2007. On June 1 it will just not
work anymore.
About the only functionality you will lose after release is the ability to
download patches, if any, from Microsoft Update.
It expires 31 May 2007.
As to exactly what happens, no one seems to know.
But you can expect limited functionality as when Windows XP is not activated
in time.
A few things are pretty certain.
The computer will not self destruct nor will a format automatically be
started.
I don't think you get limited functionality at timebomb. I think it just
stops. As far as activation goes, I think the activation center would not
permit reactivation after Vista launch if for some reason reactivation was
triggered.
I don't think so. But not for the reason you may think. It probably would
work if they didn't block it with an "Upgrade is not availabe" message, but
there simply isn't just a Beta 2. There will be many plus the builds for
RC1. There is no reason MS should spend the resources to thoroughly test
all the possibilities and without that testing Product Support Services
cannot guarantee support results to the upgraders.