This video shows an overview of how to upgrade from ITMS 7.1 or 7.1 SP1 to 7.1 SP2.
NOTE: At 3:20 this video recomends that you do not use the option View and install updates to upgrade your installed products. However, this is no longer correct. You can now use either Install new products or View and install updates to upgrade your installed products. We will update the video shortly.
For more information, please see the guide at the following location:
www.symantec.com/docs/DOC4743
00:04:58
For the latest MP1 (post SP2 v7.1), we follow a similar, except:
See also here: https://www-secure.symantec.com/connect/blogs/altiris-71-sp2-mp1-released
Below are some videos on migrating from ITMS 7.0 to 7.1 SP2:
https://www-secure.symantec.com/connect/videos/migrating-itms-70-71-sp2-step-1
https://www-secure.symantec.com/connect/videos/migrating-itms-70-71-sp2-step-2
https://www-secure.symantec.com/connect/videos/migrating-itms-70-71-sp2-step-3
JoeVan is correct - migrations are probably too complex to be covered in a video. Here is a link to the migration guide from 7.0 to 7.1x:
http://www.symantec.com/Docs/DOC4743
There really is no upgrade from 7.0 to 7.1. SMP has to be installed on a new server (as you pointed out) since the platform moved from 32-bit to 64-bit. Better to look at it as a migration, not an upgrade. That would be a long video. :)
Nice handy video. If only there was one for upgrading from 7.0 onto a new server (with a different installation path) - you would get a like from me :-)