stefano,
I dont have an answer for your question- I installed SME about a year ago downloaded from SME site, then have done upgrades as advised.
I dont know why I kernel is old as you have mentioned.

heres the output:
[root@server ~]# cat /boot/grub/menu.lst
# grub.conf generated by anaconda
#
# Note that you do not have to rerun grub after making changes to this file
# NOTICE: You have a /boot partition. This means that
# all kernel and initrd paths are relative to /boot/, eg.
# root (hd0,0)
# kernel /vmlinuz-version ro root=/dev/main/root
# initrd /initrd-version.img
#boot=/dev/hda
default=7
timeout=5
splashimage=(hd0,0)/grub/smeserver.xpm.gz
foreground 000000
background 4E95D3
hiddenmenu
title SME Server (2.6.9-78.0.8.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-78.0.8.EL ro root=/dev/main/root
initrd /initrd-2.6.9-78.0.8.EL.img
title SME Server (2.6.9-78.0.8.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-78.0.8.ELsmp ro root=/dev/main/root
initrd /initrd-2.6.9-78.0.8.ELsmp.img
title SME Server (2.6.9-78.0.5.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-78.0.5.ELsmp ro root=/dev/main/root noapic noacpi
initrd /initrd-2.6.9-78.0.5.ELsmp.img
title SME Server (2.6.9-78.0.5.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-78.0.5.EL ro root=/dev/main/root noapic noacpi
initrd /initrd-2.6.9-78.0.5.EL.img
title SME Server (2.6.9-67.0.15.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-67.0.15.EL ro root=/dev/main/root
initrd /initrd-2.6.9-67.0.15.EL.img
title SME Server (2.6.9-67.0.15.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-67.0.15.ELsmp ro root=/dev/main/root
initrd /initrd-2.6.9-67.0.15.ELsmp.img
title SME Server (2.6.9-67.0.7.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-67.0.7.EL ro root=/dev/main/root
initrd /initrd-2.6.9-67.0.7.EL.img
title SME Server (2.6.9-67.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-67.ELsmp ro root=/dev/main/root
initrd /initrd-2.6.9-67.ELsmp.img
title SME Server (2.6.9-67.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-67.EL ro root=/dev/main/root
initrd /initrd-2.6.9-67.EL.img