Thanks Jason. I actually found a link that basically says what you are saying. Essentially the Named instance that I'm trying to install is its on separate cluster(i.e. which is very different then installing a named instance on a non clustered servers)

http://social.msdn.microsoft.com/Forums/en/sqlsetupandupgrade/thread/906a8c25-ce3c-402b-9a06-648bd83bdfde