echsb:
You're talking about the right thing here, but actually the problem doesn't
have to be that big. For example in my case it seemed that some buggy program
had decided to strip my computer's SYSTEM account of any rights to the C:
drive of my machine. This prevented the SYSTEM from doing its do. The account
was there, but it had unsufficient rights.
Please check the link for the fix:
http://ms-os.com/showthread.php?t=34308
The linked discussion talks about another error number 0xC8000408 (though
which was actually in my update log as one of the errors.), but it fixes the
0x80248011 at least in my case. My System Restore has also started work again.