Thanks for the reply Satish.
We were planning to use the CMS of BO to work with IS, the issue we are facing is that we can't do the IS installation because it requires DS installation. We want to avoid installing DS as that's not part of our Strategic product set.
Also I would have thought the way we are using the Metadata Management in 3.1 we would be able to use in similar fashion in 4.1 w/o requirement to install SAP DS.
AK