It is an issue with Service Pack 1. Here is the fix as per Polycoms Knowledgebase
Extract the GMS install files to a folder.
Browse to <folder you have chosen> \InstallFiles\PolycomDatastore\resource\MSDE\
Runsetup.exe this will install MSDE with the sa password as mypass. You can do this using the following command in DOS (pointing to the correct directory)
Restart the server once the MSDE install has finished you will not be prompted to. (Note: Very important!!. If you do not restart the server the rest of the install will fail) Next browse to <folder you have chosen>\InstallFiles
Runsetup.exe
This will bypass the normal GMS install procedure and go directly to installing the Polycom data store. When asked give the sa password mypass.
This will proceed to install the Microsoft JET ODBC drivers. It's best to have the server able to contact the Microsoft pages so it can download the files directly from Microsoft.
The rest of the GMS install will proceed as you would expect. Asking for keycodes etc.
Configure.
After the install is finished you will not be able to get the GMS webpage to display properly. The error message will say "unable to display pages because GMS device manager failed to start".
Go to Start>>programs>>admin tools>>component services
Once component services is open go to component services>>my computer>DCOM config
The 3 components we are interested in are "DeviceManager" GABDirsv" and "GMSPermissionManager"
Highlight each in turn and select properties
SelectSecurity
Click on Customize and then edit on launch and activation properties
ClickAdd and then put in the IUSR_<PCNAME> (internet guest user account) See below for details
Click on check names, the user name you have specified should underline if it is valid. Select OK
Give this user permissions shown below
Do the same for the ISUR in the access permission section
Repeat the above steps for all three services relating to GMS.
All you need do now is to restart the GMS server