bharris on his blog says that
All of [...Basic Installation...] gives you a development system with Version Control, Bug tracking and build automation (making continuous integration a snap!). What it lacks from Standard TFS is Sharepoint and Reporting capabilities.LARGE EDIT: He refers to Beta1, but probably your problem goes away with using the "Standard Edition" of the RC now.
Contrary to the original post, I now can say that my own installation of the TFS2010 RC basic version works flawlessly. I've done it on a Win7 machine. So, I can not tell what the solution to the question is.