I have been trying to install SMP 7.1 for a little over two weeks and keep getting errors about failed MMF registration. I tried moving the server to a different OU to eliminate possible security setting issues, with patches, without patches, with antivirus, without antivirus, rebuilt from scratch, rolled back to a snapshot, older SIM, newest SIM, with sysadmin rights on the SQL server, without sysadmin rights, clean database, reconnecting to old database from previous setup attempts, and all with the same result. I finally found some articles with a couple things to try and it seems to have fixed my issue. Here is what I found:
1) Use the fix in the prereq checker to disable the CRL download/check. This check can cause timeout issues especially in environments without internet connectiosn. - http://en.community.dell.com/dell-groups/dell-management-console/w/dell_management_console-wiki/dmc-faq.aspx
2) Give the "network service" account modify right on the system temp folder. The default folder is c:\windows\temp. You can look at the system environment variables to determine the correct folder. - http://www.symantec.com/business/support/index?page=content&id=TECH42637
Hopefully this will save someone some time. I have been working with support on this and they were scratching their heads as well.