I just setup a new network extender. All four lights are blue, and I'm sitting six feet from it with a Droid X. When I dial #48, I don't get any sort of announcement, but just a fast busy.
It's been setup for about 30 minutes. I know it says wait an hour, but if all four lights are blue, and I can manage numbers through my account online, I would think it would be working.
I had the same thing when I set mine up. Call Verizon at 1-800-922-0204 and jump through the voice hoops to Tech Support ( Option 3 ) and talk to a rep. They will hopefully walk you through it -- mine was addressable on line after I did that. Just be prepared for the frequent, unexplained, nationwide outages.