Problems with subscription-manager

Hello,
it's the first time I'm working with subscription-manager.
I've purchased a RedHat Server license wich I can see via
RHN-Website.

I registered a new machine

# subscription-manager  register
Username: MyNameGoesHere
Password:
XXXXXXXXXXXXXXXX prt-cups-new

# subscription-manager list --available
[...]
ProductName:           Red Hat Enterprise Linux Academic Server, Self-support (16
                        sockets) (Up to 1 guest) with Smart Management
ProductId:             RH0156864
PoolId:                XXXXXXXXXXXXXXXXXXXXXX
Quantity:              1
Expires:               2013-03-27

ProductName:           Red Hat Enterprise Linux Academic Server, Self-support (16
                        sockets) (Up to 1 guest) with Smart Management
ProductId:             RH0156864
PoolId:                XXXXXXXXXXXXXXXXXXXXXXX
Quantity:              1
Expires:               2013-03-27


# subscription-manager subscribe  --pool=XXXXXXXXXXX  (one of the numbers above)

# subscription-manager list --available
[...]
ProductName:           Red Hat Enterprise Linux Academic Server, Self-support (16
                        sockets) (Up to 1 guest) with Smart Management
ProductId:             RH0156864
PoolId:                XXXXXXXXXXXXXXXXXXXXXX
Quantity:              1
Expires:               2013-03-27

So one licence seem to be used becaus one less then before

# subscription-manager list --installed
+-------------------------------------------+
    Installed Product Status
+-------------------------------------------+

ProductName:            Red Hat Enterprise Linux Server
Status:                 Not Installed
Expires:                2013-03-27
Subscription:           XXXXXXXXXXXXXXXX
ContractNumber:         2973889
AccountNumber:          553591


Is that "Not Installed" normal ?
But anyway

# yum update
Loaded plugins: downloadonly, presto, product-id, security, subscription-manager
Updating Red Hat repositories.
Setting up Update Process
No Packages marked for Update

What is wondering me, is that redhat.repo is empty

# cat /etc/yum.repos.d/redhat.repo
#
# Red Hat Repositories
# Managed by (rhsm) subscription-manager
#
#

There must be updates since this machine was installed fron RHEL 6.1 DVD

and meanwhile we have 6.2

Am I missing something ?
All the certificates seem to be present and OK.