I have the same problem. I purchased a Verizon U720 and dutifully ran the WWAN Support update 1.0 prior to using the U720. VZAccess manager would not recognize the card and attempting to use the "Internet Connect" application created a authorization failure (ergo wrong password).
I spoke with Verizon on two different occassions but we had no success.
I checked the software author's (SmithMicro) page and I had no luck.
My solution was this. I installed VZAccess Manager on my home built PC. I plugged my U720 into the PC and I was able to log on to Verizon's EVDO network.
Then, I went back to my Mac, uninstalled VZAccess Manager and made sure the following settings were in my "Internet Connect" application.
Number: #777
Name: Phone number for the card as displayed on my purchase receipt (note: the number that autopopulated was the wrong number)
password: vzw
When I clicked the "connect" button, I was connected cleanly and I now can use my EVDO card to access the internet on my MacBook Pro.
I know this doesn't solve the problem of how to get VZAccess Manager working but at least I have internet access.
I hope that this helps someone else out.
-James
Mac Book Pro Core 2 Duo Mac OS X (10.4.8)
G5 1.8 Mac OS X (10.3)