According to Tom Hogarty (the guy in charge of all things Lightroom), XP OS is too old and they would have had to make too many compromises to LR 4 to make it compatible with XP. From the horse's mouth so to speak. He also said that since the public beta expires at the end of March, it doesn't take a rocket scientist to determine that the final release will be BEFORE then.
BTW, I updated my LR Links page (
http://bit.ly/LRTips) today to include links to several resources concerning the new Beta. There's certainly redundancy, but between Michael/Jeff, Terry White, Julieanne Kost and the others you should find something to watch/read.
Mike.
P.S. Since this IS a beta, my take has been to create a new LR4 catalog and import my images into it, but while I normally advocate turning on the 'auto save changes to .XMP', I've turned it off in LR 4 so that it doesn't overwrite the information that's already been pushed out from LR3. It means any changes will only be stored in the LR4 database, and that means I'll have to be more diligent about backups and things. I'm also going to uninstall LR2 at long last. I haven't used it since LR3 beta came out but I kept around as a backup initially...