On a windows 2000 server test box I can't connect to reporting services in management studio -- http 404 error. I finally uninstalled sql 2005 sp2 ( but left the management tools installed) and re-installed sql. Same problem. If I go to http://localhost/reports or http://magneto/reports ( server is magneto ) or even to http://<local website Shown In IIS>/reports I would get a connection error and I think something about versions being compatible. After enabling web sharing on the local folder where the reporting services config files are stored the error in the browser went away but now it just displays the web page title and reporting services version, nothing else.
I've seen various hacks to those config files but I'd rather re-install sql than fiddle with those manually. Only other thing I can think to do is re-install sql including management tools and/or re-install IIS
Randy