I thought things might be a little confusing after you upgrade to Update 1 of vSphere for the SRM 4.0 licensing so I thought I would do a quick post and help everyone avoid any confusion and maybe avoid an issue too.
Before vSphere Update 1, you entered your SRM license in the Advanced settings dialog. You can see a screen shot of that in Lee's excellent blog at: /uptime/2009/10/a-quick-tour-of-srm-40.html .
However, after you upgrade to Update 1, the SRM license will be changed into a vSphere Solution Licensing License. Here is a screen shot from my lab of what it will look like:
This license change will occur after the U1 update is finished AND after the SRM service is restarted. Here is where it may get a little complicated. There is a potential issue that will stop SRM from restarting after the Update 1 is applied. We have a KB article that should be live very soon at http://kb.vmware.com/kb/1016111 which explains more about this issue and the solution. The short version is to use the repair SRM option in the Add / Remove programs to 'repair' SRM and you will than have SRM running, and with the new license type. If you have this issue, you will need to do the repair on both the recovery and protected sites.
If the KB article is not live for you, remember the repair option, and check back frequently, it should be live very soon.
Questions or comments - use the comments!