The BPA of SBS 2008 throws up this issue:
Local activation permissin to the IIS WAMREG Admin Service required:
The Network Service is missing local activation permissions to the IIS WAMREG admin Service in accordance with the event ID 10016 in the system event log. For more information, see KB "Event ID error messages 10016 and 10017 are logged in the System log after you install Windows SharePoint Services 3.0" at http://go.microsoft.com/fwlink/?LinkId=128063
The instructions in the KB article have been followed but still the issue does not resolve. Any suggestions?