Kind of late this answer, huh?... :D
Well, on 2003 Server, there is a lot of security. If you are not an administrator (or maybe a power user), or if VS Developers or Debugger Users don't have write permissions on HKEY_CLASSES_ROOT and maybe on HKLM\Software\Classes and on HKCU\Software\Classes (depending on where it is needed to be registered)... then there is no way to register any COM dll. It depends where it needs to write to register.
I made a test ATL project with VS.NET and it really wants HKCR (HKEY_CLASSES_ROOT) :D
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