With the up2date-2.4.7-1 that adrian sent me to see if stuff was happy, lilo.conf still doesn't seem to be getting created right with SMP boxes. The first time I ran up2date, I ended up with a duplicate "linux" label and there was no stanza for the smp kernel which had been installed. Since, I haven't been able to get it to create a lilo.conf.test. Additionally, the initrd isn't getting created for the smp kernel. Worked nicely on my laptop though :)
This defect is considered MUST-FIX for Florence gold
fixed in 2.4.8.
Confirmed (at least as of 2.4.9)