First thanks for the responses. I've narrowed the problem down a bit.
I can tenet to the first IP on the server, but Smarter Mail is assigned to the second assigned IP. Not sure this is clear, so here's my setup. The server has two public IPs:
x.x.x.66
x.x.x.67
The mail server is assigned to x.x.x.67 and I can reach SmarterMail Web Mail just fine. I can telnet to x.x.x.66, but not x.x.x.67 or using the domain name.
So it's not a firewall issue and not SmarterMail, I don't think, but rather tying the proper IP to SmarterMail. The correct IP is set in IIS 7, and I can verify that the DNS for the mail server domain is correct. I just can't telnet to the server using it's domain name.
Still looking for the solution though! How do I tell Win 2008 that Smartermail is listening on x.x.x.67, not the other IP?