Just a heads up for anyone installing Lion Server in a VM that is running into the error message (Software Updates not available). The way to get around this is install a previous package of Server Essentials from the Apple Developer page, then reopen Server. At this point it will update and install all components.
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Matt Lee, CCA/ACMT/ACPT/ACDT
Senior IT Analyst / Desktop Architecture Team / Apple S.M.E / JAMF Casper Administrator
Fox Networks Group