Still on the SRSS Ax09 path, the .Net Business Connector was throwing an auth failure. I tracked this down to WSS loopback check.. this does not happen in my MOSS environment.

Anyway to fix it you have to;

In Registry Editor, locate and then click the following registry key:
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Lsa\MSV1_0

Right-click MSV1_0, point to New, and then click Multi-String Value.
Type BackConnectionHostNames, and then press ENTER.
Right-click BackConnectionHostNames, and then click Modify.
In the Value data box, type the host name or the host names for the sites that are on the local computer, and then click OK.
Quit Registry Editor, and then restart the IISAdmin service.