Windows – IIS 6 SMTP Configuration

I'm having a problem setting up IIS 6's SMTP service. I configured it with the options that made the most sense to me (I have zero IIS experience) and no mail is being sent. I telnetted into the server from its own command prompt, queued a message for delivery, and nothing happened. I looked through the server logs and was unable to find anything.

I appreciate that this is a very vague, general question but I'm honestly not sure where to start. Are there any quick options I should take a look at first before moving to more advanced configuration issues?

TIA.

EDIT: Logs
This is the content of the logfile for the session:

2009-09-02 20:40:27 127.0.0.1 – SMTPSVC2 JACK 127.0.0.1 0 HELO – ++1270.0.0.1 501 0 27 18 0 SMTP – – – –
2009-09-02 20:40:31 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 HELO – +jack 250 0 44 9 0 SMTP – – – –
2009-09-02 20:40:39 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 helmail – +MAIL+FROM+benjy@vavictory09.org 500 0 32 47 0 SMTP – – – –
2009-09-02 20:40:47 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – – 501 0 28 4 0 SMTP – – – –
2009-09-02 20:40:50 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – – 501 0 0 9 0 SMTP – – – –
2009-09-02 20:40:50 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – +FROM 501 0 35 9 0 SMTP – – – –
2009-09-02 20:40:52 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – – 501 0 0 10 0 SMTP – – – –
2009-09-02 20:40:52 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – +FROM+ 501 0 35 10 0 SMTP – – – –
2009-09-02 20:41:44 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 MAIL – +FROM:+benjy@vavictory09.org 250 0 46 32 0 SMTP – – – –
2009-09-02 20:41:49 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 RCPT – +TO:+benjy@vavictory09.org 250 0 34 30 0 SMTP – – – –
2009-09-02 20:41:52 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 DATA – 250 0 133 16 2171 SMTP – – – –
2009-09-02 20:41:55 127.0.0.1 jack SMTPSVC2 JACK 127.0.0.1 0 QUIT – jack 240 92890 69 4 0 SMTP – – – –

EDIT: Telnet session
220 jack.vavictory09.org Microsoft ESMTP MAIL Service, Version: 6.0.3790.3959 ready at Wed, 2 Sep 2009 17:15:02 -0400
HELO jack
250 jack.vavictory09.org Hello [127.0.0.1]
MAIL FROM: benjy@vavictory09.org
250 2.1.0 benjy@vavictory09.org....Sender OK
RCPT TO: benjy@vavictory09.org
250 2.1.5 benjy@vavictory09.org
DATA
354 Start mail input; end with <CRLF>.<CRLF>
test test test
.
250 2.6.0 <JACKRqf69aZbLAX3cf300000006@jack.vavictory09.org> Queued mail for delivery
quit
221 2.0.0 jack.vavictory09.org Service closing transmission channel


Connection to host lost.