It seems that information about Microsoft beginning development on the release candidate branch of Windows 7 has been proven false. The latest build as of this date is build 7046 which was compiled on 2-17-2009.

According to reports, the Windows 7 Release Candidate version is scheduled for release on February 27, 2009. The build, 7048, is expected to be released to MSDN and Technet subscribers, and then to the public in April.