How to trick SCVMM prerequisites checking
The other day I was trying to install SCVMM Administrator Console on my machine. One of the software requirements for VMM is Windows PowerShell v1. I got this error in the prerequisites dialog:
Doe's this mean we can't have SCVMM installed side by side with newer versions of PowerShell? Apparently not.
I had the same issue before when I tried to install Exchange 2007 admin tools while having PowerShell CTP 2 installed. Checking under the hood, using regmon, revealed that the installation is looking for a registry key named PID. I checked that key on a PowerShell v1 machine and found that its value was "89383-100-0001260-04309". I created it manually, ran the Exchange installation again and the problem has disappeared.
So I decided to check if this is the case with SCVMM, and it was. SCVMM is looking for the same key/value. I launched PowerShell , executed the following and clicked the "Check Again" button:
PS > Set-ItemProperty -path "HKLM:\SOFTWARE\Microsoft\PowerShell\1" -name PID -value "89383-100-0001260-04309"
That did the trick:

Now that the prerequisite phase is complete you can safely remove the key:
PS > Remove-ItemProperty -path "HKLM:\SOFTWARE\Microsoft\PowerShell\1" -name PID
This solution should work with upcoming CTPs as well.