Microsoft.Office.Server.UserProfiles.UserProfileException Request Channel Timed Out

I was installing SharePoint 2010 Beta in a Windows 7 Hyper-V image the other day when I encountered the following error message when I ran the configuration wizard:

Configuration Wizard Failed

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 00:00:59.9980468. 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.

Microsoft.Office.Server.UserProfiles.UserProfileException: The request channel timed out while waiting for a reply after 00:00:59.9980468. 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. ---> System.TimeoutException: The request channel timed out while waiting for a reply after 00:00:59.9980468. 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. ---> System.TimeoutException: The HTTP request to 'https://localhost:32844/SecurityTokenServiceApplication/securitytoken.svc' has exceeded the allotted timeout of 00:01:00. The time allotted to this operation may have been a portion of a longer timeout. ---> System.Net.WebException: The operation has timed out
at System.Net.HttpWebRequest.GetResponse()
at System.ServiceModel.Channels.HttpChannelFactory.HttpRequestChannel.HttpChannelRequest.WaitForReply(TimeSpan timeout)

The problem was that the UserProfiles service web service call was timing out during configuration. SharePoint was unable stay connected to the web service to finish what it needed to do. To correct this issue you need to modify the client.config file which can be found under "C:Program FilesCommon FilesMicrosoft SharedWeb Server Extensions14WebClientsProfile". In the client.config file, you will notice all the timeout settings are set to 20 seconds. Below is an example of one of the xml binding element that can be found in the client.config file:

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

I changed the all timeout values from "00:00:20" to "00:02:00" and saved the file. After the modifications to the client.config file were complete, I reran the configuration wizard and it was able to finish smoothly.