I get the following exception after installing ASP.NET MVC 4 Beta on a machine with ASP.NET MVC 3.
System.InvalidCastException was unhandled by user c
Some of your code is running on the current MVC bits, while others have been pushed out to the newer. Without understanding the code, I can't tell you what specific bit is causing the issue.
Having said that, I would never set up a beta on a production development machine. It is too easy to create a VM these days and run the beta on an image. In Windows 7+, you can boot the image off the metal and not take the perf hit, if you need that (with dev tool betas, you oft do).