I was quite impressed with the quality of the image in the email in my Inbox. The subject of the email is "Internet Explorer 7 Downloads" and the sender is shown as email@example.com. The image is great, very realistic looking. The only problem is that when you mouse over the original image the address is not, of course, a Microsoft address.
If you receive an email like this do NOT click on the image!
Microsoft does NOT send beta or other software download links via email.
IE7 was just released. There is no beta program.
Mousing over the image shows a non-Microsoft address.
I submitted the full header information and URL to appropriate forces, including CastleCops. I see that Alex Eckelberry reported in the SunBeltBLOG that the payload is a trojan and "Antivirus coverage is mediocre."