Microsoft released the first beta version of Silverlight 4 on 18th November 2009 at PDC in Los Angels. This version has been released for the developers only to have a look on what they are actually featuring on Silverlight 4 final release. As it’s not a Go-Live version hence you can’t develop commercial application using it. The Silverlight 4 runtime is not available for the end user till now.
Silverlight 4 Beta 1 comes up with a lot of powerful capabilities as already requested by the developers. Microsoft shipped it with almost 90% of requested features. You can see the list of new features in “What's new in Silverlight 4?”
To develop Silverlight 4 application you will need Visual Studio 2010 beta 2 which you can download it from “Get Tools” section. All necessary links are available on that page. Microsoft also released the new Expression Blend & the new Silverlight Toolkit for Silverlight 4 Beta 1. You can download them from the same location.
Have a look into Tim Heuer's Blog for more details.