Two problems:

Problem One
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1) Create a kickstart profile
2) Create an activation key
3) associate activation key with kickstart profile from step 1
4) Go to the "Kickstart File" page and view the profile:

Note the lack of the activation key in the rhnreg_ks call.

Problem Two
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1) Add some child channels to a kickstart profile in the GUI
2) Try the rhnreg_ks call from the "Kickstart File" tab on a client

Note that the system didnt get the child channels subscribed.