I got an official response from someone at Microsoft. The Touch.FrameReported event WILL be available in the final release of Silverlight for Windows Phone 7. It just didn't make it into the current technology preview. I was also told that it did not make it into the next release of the CTP but it will be in the following one. For those of us that are working on multi-touch apps, this will be great to have. Windows Phone 7 is going to be fun.
I also wanted to say how impressed I am with Microsoft's response to my questions. I sent an email to ScottGu on Sunday afternoon asking about Touch.FrameReported event. Within an hour, he forwarded my email to the people who knew the answer and they responded in less than an hour. It was fantastic response time on a Sunday afternoon. I continue to be very impressed. Keep up the good work.