A simple task sequence deployed to a collection, a virtual machine (Hyper-V guest) booting with PxE to run that task sequence.
WinPE starts up, loads the networking (which gives a working IP address, can ping/connect to servers) but then the computer just reboots. No errors or warnings.
With WinPE debug mode enabled, you can press F8 to load the command prompt, but smsts.log doesn’t report an obvious error. Lot’s of “access denied” type messages that led me hunting issues with Network access accounts and such