The first thing to note is that the DelphiWin32LibraryPath parameter changed its name to DelphiLibraryPath in Delphi XE2. So you need to change your scripts from something like
msbuild /p:DelphiWin32LibraryPath="..." ...
to
msbuild /p:DelphiLibraryPath="..." ...
Secondly, when transferring projects from XE, Delphi XE2 adds some links to project resources that will not be compiled on the build server (as indicated by this answer by Uwe Raabe ). To fix this, open the dproj file in a text editor and delete the lines that reference the ico file called "ProjectName_Icon4.ICO".
The third nasty thing is the namespaces introduced in XE2. This will cause the build server to stop compiling with error messages such as
File "Windows.dcu" not found
This file is now called "Winapi.Windows". To avoid having to modify all the sentences in your project, you can say that the compiler automatically adds some namespaces implicitly:
msbuild /p:Namespace="System;System.Win;Winapi;Vcl;Vcl.Imaging;Data;Xml" ...
You may need to add a few more namespaces that you use in your project.