Because things never work out smoothly.  After deploying my samples reports I went to http://127.0.0.1/Reports to view it and boom was hit with another permission error:

User 'Win7VM\chadit' does not have required permissions.
Verify that sufficient permissions have been granted and 
Windows User Account Control (UAC) restrictions have 
been addressed. 

This appears to be a problem with the reporting server and local administrators.

For a quick fix, run the browser ‘As an administrator’.

For a more permanent fix follow this article posted on the Microsoft MSDN.

Here are the steps I used for SQL Report manager 2008 R2 and 2012

• Open the browser as admin
• From the home screen go to ‘Folder Settings’
• Click ‘New Role Assignment’
• Add in the user name of the local admin account (the one logged in)
• Select ‘Content Manager’
• Click OK

Things should be good after this.