You are my new hero!!
I've been faffing around with this for the last week, trying to work out what it meant in the logs by architecture mismatch, and going down the upgrade/downgrade, different clients, etc, etc.
On a 13" MBP C2D with 10.6.6, the client works fine, on the new 13" MBP i5 with 10.6.6 it must be booted to 32bit to work.
Now i just have to tell my users to boot into 32bit mode when they need VPN. Okay it *****, but it's a part solution.
Thanks