Oracle has announced the initial beta release of Oracle Linux 7.0, which is built from Red Hat Enterprise Linux sources. Some key enhancements in Oracle Linux 7 include support for volumes up to 500TB with XFS filesystem, 50TB volumes with ext4 filesystem, improved support for large storage arrays, and new tools for managing heterogeneous storage. The document provides step-by-step instructions for installing and configuring Oracle Linux 7 in a VMware virtual machine.