Since days now that I am trying ton run WPMU 2.9.2 on WHM 11.25 and I finnally managed to activate that [censored] wildcard and subdomain creation :
The tip is :
1 - Create the * in A in the DNS zone
2 - Create a * subdomain in cpanel on your account. httpd.conf is now set up for subdomain creation AND IT WORKS.
(2 weeks of research to find that !!!)
IT WORKS FINE !
If you had trouble and proceeded to install and reinstall as I did, and you have the "Great succes page" from Apache on your site index, just clear cache and cookies in your navigator....