The SP1 friendly version of PCM was announced a couple days ago but immediately folks started having trouble with it. Talked about in ConfigMgr 2012 SP1: Missing PCM icon even after a successful installation, the application icon cannot be found after a successful installation.
After some testing, folks have found that the PCM installation is, indeed, hard-coded to install based on the Admin console being installed on the default drive (C drive). So, if you have the Admin console installed at any other location, the PCM options are not available to you.
There’s a couple workarounds for this. One is to uninstall the Admin console and reinstall it using the default installation location. This is not ideal, particularly if you’re happy with where you have installed the console. The other workaround involves some file moving and directory creating prior to the PCM installation. To perform this workaround:
Copy the Microsoft.COnfigurationManagement.exe from wherever the console is installed currently into %programfiles(x86)%\Microsoft Configuration Manager\AdminConsole\bin (creating the directories if you have to) then run the installer.
Let’s hope someone at Microsoft fixes this soon, but alas, there are many other SP1 issues to deal with: Be aware of SP1 implementation gotchas and report your own!