Oh. Ok. I know the lilypad power supply is using a 1.5v cell, but I figured it was stepping up to something more, yeah? I'm not really very experienced with electronics, I just keep pretending I understand these things until I hit a brick wall... which is frequently. 
The only thing that tripped me up with that is that I tried using the current from the USB cable, which should be 5v, and it didn't seem to even power up the board. I thought maybe I got it wrong, but I checked my connections and it looked ok... Hmm.. I'll have to cannibalize one of my other projects and grab the 5v power supply and see if it works better.
Thanks very much for your input, Limor!