Sorry for my lack of details. Yes, this is the Electronikladen eval board. It's the JB8 28-pin SO package.
With my code programmed in the chip, the LEDs don't blink at all on startup. But I know that the board itself and its LEDs and switches are functional since I can program the original factory demo code back into the chip and watch the LEDs blink in response to button presses.
So I'm assuming that something in my general device init is just wrong. Very curious.
I'm accustomed (read: spoiled) to the MC9S08 family, so jumping into this device is new to me. Makes me wish Freescale's new S08 with integrated USB were out sooner!