Hi Wally,
Yes, VS 2010 Beta1 will run side-by-side with VS 2008 and support uninstalling. Major known issues are documented in the readme, but side-by-side is a supported scenario. If you choose to install the beta on a machine with VS 2008, I'd encourage you to install and uninstall in chronological order for best results (i.e. install VS 2008 first, then 2010; uninstall VS 2010 first, then 2008). Running in a VPC is also supported, though you'll likely see slower performance than you would running VS 2010 on a local machine.
Thanks for posting - hope this helps!
Brittany Behrens
Program Manager, VS Platform
http://blogs.msdn.com/vseditor