SQL 2005 Reporting Services "The ReportServerVirtualDirectory element is missing"

I had this issue after a clean install of IIS followed by Reporting Services. I configured reporting services using the config tool and ended up with green ticks against all sections. The reportserver url worked fine and reports were accessible, however when accessing http://servername/reports, I received the error "The ReportServerVirtualDirectory element is missing".

Following looking around I found the following article:

http://forums.microsoft.com/MSDN/ShowPost.aspx?PostID=741808&SiteID=1

This page provides the following fix which worked perfectly:

Open C:\Program Files\Microsoft SQL Server\MSSQL.2\Reporting Services\ReportManager\RSWebApplication.config using notepad or equivalent. Find the line and add "" so that it looks like:
"ReportServer"
Save the file and reload the page.