SharePoint 2010 Beta Installation Error: An exception of type Microsoft.Office.Server.UserProfiles.UserProfileException was thrown

I was installing SharePoint 2010 beta in Windows server 2008 x64. Everything went fine till installation and when I run configuration wizard it thrown the following exception at step 8:

“An exception of type Microsoft.Office.Server.UserProfiles.UserProfileException was thrown.  Additional exception information: The request channel timed out while waiting for a reply after 00:00:19.9589870. 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.”

Then I run the central administration site and it was working fine. But when I tried to run default site (at port 80), it was breaking. So I tried to find out the issue and finally found that it’s an timeout issue. The problem is that the user profiling WCF service was timed out. To fix this I increased the timeout value in the file “C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\WebClients\Profile\client.config”. The modification was in the following lines.

<binding name="ProfileServiceHttpsBinding"
            receiveTimeout="00:00:20"
            sendTimeout="00:00:20"
            openTimeout="00:00:20"
            closeTimeout="00:00:20">

In the above code snippet the timeout value is 20 sec. You can change it some other values (more than 20 secs). I had put 3 minutes as shown below:

<binding name="ProfileServiceHttpsBinding"
            receiveTimeout="00:03:00"
            sendTimeout="00:03:00"
            openTimeout="00:03:00"
            closeTimeout="00:03:00">

After changing the timeout value I had run the configuration wizard again and found the issue resolved.