UserProfileException : the request channel timed out

Scenario:
I for this error when running configuration wizard one time and other time while configuring the SharePoint User Profile Synchronization within SharePoint 2010 Beta.

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.



Solution:
Install following hotfixes and re-boot the server without fail.

Download available here:
KB971831 - Windows Server 2008 Service Pack 2, Windows Vista Service Pack 1 or Windows Vista Service Pack 2

KB976462 - Windows Server 2008 R2 and Windows 7