Team Project Creation Failed - SQL Reporting Services?

Having trouble apparently at the connect to SQL Reporting Services stage of creating a new project.

I've checked in the reporting services config, and my username is granted all Reporting Services roles.

Any help appreciated!

Here's the error log (note: values in <> such as <some server> actually contain real information):

10/4/2005 4:10:06 PM | Module: Wizard | Retrieved IAuthorizationService proxy | Completion time: 0 seconds
10/4/2005 4:10:06 PM | Module: ELeadServiceMediator | Team Foundation Server proxy retrieved | Completion time: 0 seconds
10/4/2005 4:10:06 PM | Module: Wizard | TF30227: Project creation permissions retrieved | Completion time: 0.0468747 seconds
10/4/2005 4:10:06 PM | Module: ELeadServiceMediator | The template information for Team Foundation Server "<some server>" was retrieved from the Team Foundation Server. | Completion time: 0.0468747 seconds
10/4/2005 4:10:18 PM | Module: Engine | Thread: 11 | New project will be created with the "MSF for Agile Software Development" methodology
10/4/2005 4:10:18 PM | Module: Engine | Retrieved IAuthorizationService proxy | Completion time: 0 seconds
10/4/2005 4:10:18 PM | Module: Engine | TF30227: Project creation permissions retrieved | Completion time: 0 seconds
10/4/2005 4:10:19 PM | Module: Engine | Wrote compressed process template file | Completion time: 0.1093743 seconds
10/4/2005 4:10:21 PM | Module: Engine | Extracted process template file | Completion time: 1.6718643 seconds
10/4/2005 4:10:21 PM | Module: Engine | Thread: 11 | Starting Project Creation for project "<some project>" in domain "<some server>"
10/4/2005 4:10:21 PM | Module: Engine | The user identity information was retrieved from the Group Security Service | Completion time: 0 seconds
10/4/2005 4:10:21 PM | Module: Initializer | Thread: 11 | The New Team Project Wizard is starting to initialize the plug-ins.
10/4/2005 4:10:21 PM | Module: CssStructureUploader | Thread: 11 | Entering Initialize in CssStructureUploader
10/4/2005 4:10:21 PM | Module: CssStructureUploader | Thread: 11 | Initialize for CssStructureUploader complete
10/4/2005 4:10:21 PM | Module: Initializer | Thread: 11 | The New Team Project Wizard successfully Initialized the plug-in Microsoft.ProjectCreationWizard.Classification.
10/4/2005 4:10:21 PM | Module: Rosetta | Thread: 11 | Entering Initialize in RosettaReportUploader
---begin Exception entry---
Time: 10/4/2005 4:10:42 PM
Module: Initializer
Event Description: TF30207: Initialization for plugin "Microsoft.ProjectCreationWizard.Reporting" failed
Exception Type: Microsoft.TeamFoundation.Client.PcwException
Exception Message: Unable to connect to the specified SQL Reporting Services at <some server>.
Exception Details:
The Project Creation Wizard was not able to connect to the SQL Reporting Services at <some server>.
The reason for the failed connection cannot be determined at this time.
Because the connection failed, the wizard was not able to complete
creating the SQL Reporting Services site.
Stack Trace:
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.CheckForProjectFolder(PrivateData data, String projectName, ProjectCreationContext context)
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.Initialize(ProjectCreationContext context)
   at Microsoft.VisualStudio.TeamFoundation.EngineStarter.InitializePlugins(MsfTemplate template, PcwPluginCollection pluginCollection)
 --   Inner Exception   --
Exception Type: System.Net.WebException
Exception Message: Unable to connect to the remote server
WebException: Status : ConnectFailure
Stack Trace:
   at System.Net.HttpWebRequest.GetRequestStream()
   at System.Web.Services.Protocols.SoapHttpClientProtocol.Invoke(String methodName, Object[] parameters)
   at Microsoft.TeamFoundation.Proxy.Reporting.ReportingService.ListChildren(String Item, Boolean Recursive)
   at Microsoft.VisualStudio.TeamFoundation.RosettaReportUploader.CheckForProjectFolder(PrivateData data, String projectName, ProjectCreationContext context)
 -- end Inner Exception --
 --   Inner Exception   --
Exception Type: System.Net.Sockets.SocketException
Exception Message: A connection attempt failed because the connected party did not properly respond after a period of time, or established connection failed because connected host has failed to respond
Stack Trace:
   at System.Net.Sockets.Socket.DoConnect(EndPoint endPointSnapshot, SocketAddress socketAddress)
   at System.Net.Sockets.Socket.InternalConnect(EndPoint remoteEP)
   at System.Net.ServicePoint.ConnectSocketInternal(Boolean connectFailure, Socket s4, Socket s6, Socket& socket, IPAddress& address, ConnectSocketState state, IAsyncResult asyncResult, Int32 timeout, Exception& exception)
 -- end Inner Exception --
--- end Exception entry ---

10/4/2005 4:10:42 PM | Module: Engine | Thread: 11 | Attempting to delete MSF folder "C:\Documents and Settings\<some user>\Local Settings\Temp\TPW_tmp56F.tmp"
10/4/2005 4:10:42 PM | Module: Engine | Thread: 11 | The temporary folder C:\Documents and Settings\<some user>\Local Settings\Temp\TPW_tmp56F.tmp used to store the process template was removed.