WordPress MU

I'm new, I'll admit that right up front.

I have MU installed and seemingly working for the root site. It comes up fine.

I have my own VPS, so I added a wildcard sub domain for this hosting account. Its worked fine on other accounts thus far.

I created a new blog under test.mydomain.com and it seems to be created just fine.
But, when I try to access that page, I get the generic apache/cpanel welcome page stating that this site hasn't been set up yet.
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Great Success !
Apache is working on your cPanel® and WHM™ Server
If you can see this page, then the people who manage this server have installed cPanel and WebHost Manager (WHM) which use the Apache Web server software and the Apache Interface to OpenSSL (mod_ssl) successfully. They now have to add content to this directory and replace this placeholder page, or else point the server at their real content.
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So, the redirection seems to be happening but wordpress isn't grabbing it.

Any ideas? Help would be most appreciated!

Don't add a wildcard subdomain account. Add wildcard subdomains to the account your mu is hosted in. Instructions for cpanel are in http://wpmututorials.com/basics/installing-wordpressmu-the-e-book/