Today I setup a WDS server with 6 network cards in it. Each adapter had its own subnet which had its own DHCP scope (which was hosted on the same system). Make sure you tell WDS not to listen on port 67 if you have a DHCP running on the same machine.
But by default WDS would only bind to 1 network card in the machine. I needed it to bind to 6 different network adapters in my multi-homed machine.
The error I would get on the PXE client was 'PXE-E55: dhcpProxy service did not reply to request on port 4011.'
After running 'netstat -a' I found that UDP port 4011 was only listening on a single IP address.
Here is how you fix it.
wdsutil /set-server /bindpolicy /add /address:<ip address> /AddressType:ip
Or you can modify the registry key HLKM\System\CurrentControlSet\Services\WDSServer\Providers\WDSPXE\BindInterfaces
It is a REG_MULTI_SZ and the format is ip:<ip address> per line
You also need to make sure the HLKM\System\CurrentControlSet\Services\WDSServer\Providers\WDSPXE\BindPolicy = 1 (DWORD).
On some systems (W2k3) you may also run into this http://support.microsoft.com/kb/929657 if you do just open the registry and modify it there.