This I also reported a few weeks ago as that was what we were being told at the MSDN water cooler..... Glad it didn't come up false, as that water cooler sometimes slings out rumors.
"The head of Microsoft Corp.'s Windows development confirmed that Windows 7 will take the unusual path of moving straight from a single beta, which was launched earlier this month, to a release candidate. Sinofsky fleshed out the plan today and hinted that just as there would be no Beta 2, the company would also not provide a RC2 build. In other words, there may be only one released build of Windows 7 before it ships, possibly much sooner than even some of the most aggressive rumors about Windows 7.
------ This is also why i told people not to worry about there betas running out as the RC1 will piggy back that and soon after we go gold.