It turns out that the Eyebeam app was the cause of the issue. Using the Acrobits client showed no issues whatsoever. This was discovered with a lot of help from another Mitch.

From: Michael Collins <msc@freeswitch.org>
Date: March 8, 2011 4:49:26 PM EST
To: FreeSWITCH Users Help <freeswitch-users@lists.freeswitch.org>
Subject: Re: [Freeswitch-users] tls/srtp goes straight to voicemail
Reply-To: FreeSWITCH Users Help <freeswitch-users@lists.freeswitch.org>

Are you sure that the Eyebeam clients support SRTP? It looks like you're getting a 406:

2011-03-05 23:21:08.650486 [NOTICE] sofia.c:5323 Hangup sofia/internal/sip:1005@192.168.60.135:53664 [CS_CONSUME_MEDIA] [SERVICE_NOT_IMPLEMENTED]

You probably need to look directly at the SIP traces and see if there is any more information as to what's going on.

-MC