I've just updated my SIm 7.4 setup to the latest hotfix found here : http://h20564.www2.hp.com/hpsc/doc/public/display?docId=emr_na-c04271436
When i first identified my ILO i got the same error but with the hotfix in place the identification looked fine :
********* Significant issues and overall target discovery/identification
status:
Normal: The system has valid hardware data (model, serial number, and
unique identifier) and has been identified properly for SIM to
manage.
Normal: System(s) have been successfully identified.
********* Additional results (listed for information only):
* Starting identification process...
* Checking for known running web servers...
* Checking for SNMP protocol support on system...
Normal: The system responded to an SNMP request; it supports SNMP Protocol
and has a valid read community string.
Did you add the Public with a capital P ?