I am getting
[Tue Apr 24 12:12:55 2012] [error] [client 127.0.0.1] client denied by server configuration: /labs/Projects/Nebula/bin/
In Apache 2.4 the old access authorisation syntax has been deprecated and replaced by a new system using Require.
What you want then is something like the following:
Options All
AllowOverride All
Require local
Require ip 192.168.1
This will allow connections that originate either from the local host or from ip addresses that start with "192.168.1".
There is also a new module available that makes Apache 2.4 recognise the old syntax if you don't want to update your configuration right away:
sudo a2enmod access_compat