I just finished my first production deployment of Configuration Manager SP1 on a Windows Server 2008 system. It is fully supported and I didn’t run into any issues. The Techcenter for ConfigMgr has a page with all the “special” configuration details: http://technet.microsoft.com/en-us/library/cc431377(TechNet.10).aspx.
There were only two things that didn’t work immediately: reporting and remote console access. Reporting not working was my fault: I forgot to enable ASP via the IIS role. Remote console access was a firewall issue; I simply went into the Windows Firewall with Advanced Security management snap-in and enabled the three Windows Management Instrumentation rules.
Installation was a bit more involved, but everything was well documented in the page linked above. Good on ya ConfigMgr Team!