When the Live library is updated the dialog box says "The library folder xxxx needs to be upgraded in order to work with Live 7", which obviously should say Live 8.
I've been deleting the contents of the library prior to running the latest beta for the first time, which is when the dialog comes up. Not sure if this is correct, technically it isn't as the library is empty so there is nothing to upgrade but that might be getting a bit picky.
[awi][sma] Minor dialog error when upgrading library
[awi][sma] Minor dialog error when upgrading library
MacBook Pro 13" Early 2011 - OS X 10.7.4