The request channel timed out while waiting for a reply after 00:00:18.7285970.
Increase the timeout value passed to the call to Request or increase the SendTimeout value on the Binding.
One of the clear exception which says what to do while installing the beta product
Navigate to the following path and open the client.config file \14\WebClients\Profile\client.config
- Find the tag
increase the default sendTiemout attribute value to few minutes instead of seconds sendTimeout="00:15:20"
- Rerun the Psconfig wizard
After a long struggle managed to deploy SharePoint 2010 in a Vmware dev environment