In talking with the support people at Adafruit, it appears that there is an issue with the board itself. The TX light flashes, but no data is going out - so the IDE is getting no response - hence the problem.
Adafruit is sending a replacement board. Two thumbs up for the team at Adafruit. They responded quickly and were quite helpful.
This is what I was seeing with the Shift->Upload command:
Binary sketch size: 1018 bytes (of a 32256 byte maximum)
D:\Stephens\arduino-0022\hardware/tools/avr/bin/avrdude -CD:\Stephens\arduino-0022\hardware/tools/avr/etc/avrdude.conf -v -v -v -v -patmega328p -cstk500v1 -P\\.\COM5 -b115200 -D -Uflash:w:C:\Temp\build6392328306294184287.tmp\Blink.cpp.hex:i
avrdude: Version 5.4-arduino, compiled on Oct 11 2007 at 19:12:32
Copyright (c) 2000-2005 Brian Dean,
http://www.bdmicro.com/ System wide configuration file is "D:\Stephens\arduino-0022\hardware/tools/avr/etc/avrdude.conf"
Using Port : \\.\COM5
Using Programmer : stk500v1
Overriding Baud Rate : 115200
avrdude: ser_open(): setting dtr
avrdude: Send: 0 [30] [20]
avrdude: Send: 0 [30] [20]
avrdude: Send: 0 [30] [20]
avrdude: Recv:
avrdude: stk500_getsync(): not in sync: resp=0x30
avrdude: Send: Q [51] [20]
avrdude: Recv:
avrdude: stk500_disable(): protocol error, expect=0x14, resp=0x51
avrdude done. Thank you.