Today I came to know that MikTeX 2.7 is no longer supported . For the past 2 days I have been trying to make it work using Sweave + beamer etc

Stackoverflow says this

MikTeX 2.7 is no longer supported and you should install MikTeX 2.8 or later in order to install new packages through the MikTeX Package Manager (which is the program that lets you install automatically).

If you do not want to download all your installed packages again (for example, if you have a somewhat full installation), there is a tutorial to import your installed packages here. You just need to replace

mpm --admin --verbose --repository="C:\Program Files\MiKTeX 2.8" --import-all

with

mpm --admin --verbose --repository="C:\Program Files\MiKTeX 2.7" --import-all

or wherever you have MikTeX installed.

If you don’t want to do this or don’t know how, you can just uninstall MikTeX 2.7 and install MikTeX 2.9. However, this may take a long time.

I will now install a newer version of MikTeX and check whether the eclipse plugin works.!!!

Open source world moves very fast and unless you are open to these changes, you will be behind!