I may have found a workaround.
When I create a new share using the Server.app (Lion 10.8) on a 2 TB drive, I get the "Saving share point settings" message. This seems to go on forever. And ever. So I gave up.
This is what I tried next.
Stop the share process that never ends.
Remove the share. (I had to restart Server.app).
Open up System Preferences.
Add the share and adjust the permissions if needed.
Wait a few seconds, then go back to Server.app and wait for the new share to show up in the File Sharing service. If you click another service, then go back to File Sharing it'll go faster.
Then go to server settings at the top and open up the Storage tab.
Progagate permissions down.