I just installed the beta, and it looks like it replaced 2.0. Also, be careful about saving projects to v3.0...you won't be able to open them in 2.0 if you need to go back.
So far, I like what I see. I'm rendering with the new DV codec. By the way, the beta doesn't include the ability to render MPEG 2, but it's supposed to be on the final.
Does anybody know whether the VCD quality of the new MPEG encoder in VV3 improves over that from VV2? In addition, does anybody know what MPEG encoder SF is licensing to use in VV3?