At first blush it looks more Silverlight than LightSwitch.
The LightSwitch beta is now available at this site here, the file name is vs_vslsweb.exe:
I downloaded and ran the executable. It started right away as shown.
I left my seat and went away and when I came back it had finished. But I did not see anything installed and no messages. I ran again and I saw the message that it could not install Microsoft SQL Server Compact 3.5 SP2. I thought I had it and, sure enough it was registered in the Add/Remove programs. Of course I also had the SP1 variety. I tried to reinstall LightSwitch and again I failed. Finally I removed all compact SP1 and SP2 files one by one from Add/Remove programs(there were 4 separate programs from Query Analyzer to tools and documentation).
I installed Microsoft SQL Server Compact 3.5 SP2 (SSCERuntime-ENU.exe) again and then tried again to repair. It started downloading and installing LightSwitch.
And finally it was installed. It took quite a bit of time.
I opened up the UI to see the contents. Aha, it is more Silverlight than LightSwitch. There are only two LightSwitch templates, one for VB and one for C#.
Probably Microsoft will come up with more and varied LightSwitch programs in the release version.
Well, looks like it will be 250+ days before we see another update.