Use something like Charles or Firebug or Wireshark to see the data that is being sent back and forth to your destination server.
I am in the Flex debugger - I was hoping for a place to put a breakpoint
Somewhere in WebService object I think
Have you looked at what is happening between the service and your application ? If you can't see what IIS is returning, then that is where you should start.
I am in the WebService at the point where the wdsl has loaded (I think that's where I want to be) but the xml (or result) field shows all the possible returns not just the one that the call was made for