If you see a message in the "Autodesk Vault <version> (Server) Setup.log"
2011/6/14:10:47:55 Administrator HOWDENFP1 Install ADMS System Check Succeeded
2011/6/14:10:48:43 Administrator HOWDENFP1 Install Microsoft SQL Server 2008 Express SP1 (AUTODESKVAULT) Failed Installation aborted, Result=1603
This is not an issue with the Vault installation per se, but with Microsoft SQL.
There are some really good tips on solving this yourself from Microsoft here....
http://support.microsoft.com/kb/955396
And

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