So, came at it with a fresh head this morning and had another go:
Step 1 google .acsm - ah ha, open that file with ADE.
Step 2 open with aDE - result: stoopid io error on network message
Step 3 google that - omg! does this ever work.
Step 4 check client firewall (corp provided) - not the problem
Step 5 check my Internet firewall (ISA Server) - enable special rule that allows EVERYTHING from my laptop
result http GET "http://198.252.232.8/TitleDownload/LSCFD.dll?hdlr=ADEPT&sku=2370002510509&r=200912041 15609" returns "404 Not Found"
Of course I know what 404 means, but from my study so far it seems that maybe there is an authentication issue, or maybe the server is just down. But now I have to go back to the day job.
I used to be so happy with my mobi reader