The attempt to connect to http://.../powershell using kerberos authentication failed.

During the process of a pretty standard task, I ran into this problem with a clients SBS 2011 server.

To resolve;

• I closed down all MMC applications (AD, Exchange, IIS, etc etc).
• Opened Registry, browsed to HKCU\Software\Microsoft\ExchangeServer\v14\AdminTools
• Backed up the Key, and removed the REG_BINARY item of NodeStructureSetting.

Once I reopened the Exchange Management Console, I was greeted with the following.

 Open IIS Manager, and Edit Bindings... on the Default Web Site

Here, I noticed that the http binding was set to a specific address. I edited this, and changed it to "All Unassigned" which replaces the IP Address with a *.

Restart IIS, and everything should be functioning correctly again.