f W7 is anything like Vista, when the beta(s) run out there will be a RC release prior to going gold and release to stores... which has been touted to be as early as Dec 09 in time for holiday spending.
Windows 7 will be released this summer.
While many are sceptical about W7 being released at all this year, I read an article (I think linked to from majorgeeks) where the writer spoke with some authority about W7 being released July 09... and another (Mary Foley, I think) proffering late Nov early Dec as being preferred by Microsoft.
In any event, given the 1st public beta becomes available in just 3 or so hours, it's hard to imagine MS will repeat the constant delays fiasco of Vista with W7. Despite the economic crisis affecting much of the World, Microsoft WILL release W7 to retail later this year.... US Summertime sounds good to me.