I'm having the same problem on one (that I currently know about) of close to 400 systems with SEP 11.x I support. This one in particular has build 7000. I've already done a removal of SEP, including deleting the application data folder and registry keys, rebooting, re-installation, and everything looks good except PTP just sits there with "Waiting for updates". A live update run doesn't help. I even tried today's intelligent updater and that doesn't help.
The contents of the SyKnAppS app data folder looks normal, the same as any other client today:
[GuardHeader]
Legal=Copyright 2000-2001 by Symantec Corporation, All Rights Reserved.
LastModifiedUtcSeconds=1316600689
LastModifiedGmtFormated=20110921 10:24:49
[File-CAL.wlt]
SHA1=8b7b93a625ea967d56ef5fd3b6065910c566dab3
[GuardHeader]
Legal=Copyright 2000-2001 by Symantec Corporation, All Rights Reserved.
LastModifiedUtcSeconds=1316602749
LastModifiedGmtFormated=20110921 10:59:09
[File-COHCOL.wlt]
SHA1=03fada91e8806acb7426f24bb400d1df6cd0ca18
The only log event for PTP since the re-installation of SEP is:
TruScan has generated an error: code 11: description: Whitelist Failure
That event was also what was in the logs every day going back the past several days, before I re-installed SEP 11.0.7000.975 today.
Under the HKEY_LOCAL_MACHINE\SOFTWARE\Symantec\Symantec Endpoint Protection\AV\Storages\SymHeurProcessProtection\RealTimeScan
registry key, the only extra value when I compare to my own system is Error with a decimal value of 74 which corresponds to the "code 11" error in the PTP log (LOAD_ERROR_SYKNAPPS).
I see no reason to expect another SEP removal and re-installation will give me any other results.
Reading another tech article, I also looked in the Log.LiveUpdate text file and I don't see any errors. Is there some "ah ha" entry I should be looking for that is not an obvious pointer to a problem?