If the developer removes your udid then you will... At least that is how it was previous years. It may. Be different this time because the phone does over air updates.
When the iOS5 beta 2 comes out will I go about downloading and installing it the same way I did for iOS5 beta1? (By option clicking restore in itunes and selecting the .ipsw file? Only thing that would suck about didnt it that way again is I have to go through the whole restore process again which took me a few hours to sync my device, it went much slower that when you normally restore from a backup and all my folder where deleted so i had to sit there for about 20 min going through the 11 pages of apps I had and remake all the folders. Unless I did it wrong or someone has a solution for getting around that when the next beta 2 is out. (FYI I had my iPhone registered by a developer for $7 so I don't think I'll have an issues)