In ConfigMgr the default Reporting Point role is installed normally. Then reports will be generated and processed on the ConfigMgr server. There is however the choice to install a Reporting Services Point role on the SQL Server. Then reports will be generated and processed on the SQL Server. Much faster that way, industry standard formatting and the possibility to export reports to many formats!
Just add the Reporting Services Point role to the SQL Server and follow the steps in SQL "Reporting Services Configuration". Create a ReportServer database and virtual directory there. Then go back to the ConfigMgr server and choose "Copy Reports to Reporting Services". Just follow the wizard and specify the SQL Server with Reporting Services installed (and configured!).
After copying reports is done it's possible that an error message is displayed in the ConfigMgr system status. The Message ID displayed is 7403 : SMS SRS web service is not running on SRS Reporting Point server "<SQL server>". Although Reporting Services is running fine and reports can be started it's not quite nicely.
The solution for this is not that hard, but maybe not easy to find. An SQL Server update is needed to resolve this issue. Now the Cumulative Update (CU) package 4 for SQL Server 2008 R2 fix the error 7403. It can be downloaded here: http://support.microsoft.com/kb/2345451/en-us
It's even better to install Service Pack (SP) 1 to include all Cumulative Updates released before. It can be download here: http://www.microsoft.com/download/en/details.aspx?id=26727
Mandatory need for Reporting Services?
An Reporting Services Point is needed when Power Management (R3) and/or Forefront Endpoint Protection (FEP) integration is used in ConfigMgr. If that's not the case, you can choose between both Reporting solutions!
ConfigMgr and OpsMgr on the same SQL Server?
When multiple Reporting Services instances are needed (for example: ConfigMgr and OpsMgr on the same server), remember to place ConfigMgr in the "default instance". you need to install ConfigMgr first because it wants the default instance where as OpsMgr can bet set to a different one. So you should be able to have them both use the same server, but not the same instance.