Well we know that Operations Manager 2007 SP1 is supported on Windows Server 2008 but what about whether it is supported on SQL Server 2008? Well official supportability can be found at http://technet.microsoft.com/en-us/library/bb309428.aspx so no official support yet.....
the official response on when OpsMgr 2007 will support SQL 2008 can be found at http://support.microsoft.com/kb/958170 So official word is:
"Currently, it is not a supported scenario to run SQL Server 2008 together with System Center Operations Manager 2007 SP1. Additionally, there is no planned support for scenarios where you run SQL Server 2008 together with the original release version of System Center Operations Manager 2007.We are investigating the merits of providing support for upgrading SQL Server 2005 to SQL Server 2008 for System Center Operations Manager 2007 SP1 database roles. A statement about this potential support will be forthcoming within 90 days of the SQL Server 2008 RTM date (August 6, 2008 plus 90 days)."
Currently under evaluation:
• Microsoft are currently evaluating support for performing a clean install of SQL Server 2008 on a system that is running System Center Operations Manager 2007 SP1.
• Because the SQL Server 2008 Reporting Services infrastructure has changed to no longer include a dependency on Internet Information Services (IIS), support for the Operations Manager Reporting feature in SQL Server 2008 Reporting Services is also under evaluation.
A management pack for monitoring SQL Server 2008 is currently scheduled for release in the fourth quarter of the 2008 calendar year.