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'Checking your PC' appears a few times during setup, to ensure that you have the correct hardware requirements, an Internet connection and other prerequisites to ensure that Windows can run properly.
You may notice under the "License terms" heading, Microsoft's friendly joke: "Make our lawyers happy by reading this carefully". Of course, these are subject to change as the development progresses, and should not be seen as the final license revision.
Ugrade options are available in this developer build, with users allowed to migrate their accounts and personal files -- or simply nothing at all. However, it is not clear exactly what is migrated. Later on, you will see cloud-based roaming profiles which allow users to login with one Windows Live ID and take their applications and bookmarks with them.