RemoteObject has Channel connect failure

I have a very simple remote object in my .mxml:

<mx:RemoteObject id="FlexReportUtilRO" destination="FlexReportUtilRO"
source="com.interwoven.opendeploy.ui.FlexReportUtil">
<mx:method name="getEntries" result="resultHandler(event)"/>
</mx:RemoteObject>

<mx:Button label="Get Report" click="FlexReportUtilRO.getEntries()"
x="314" y="10"/>

And this is my remoting-services.xml:

<destination id="FlexReportUtilRO">
<properties>
<source>com.test.FlexReportUtil</source>
<scope>application</scope>
</properties>
</destination>

But when I press the button, I get some sort of channel connect failure:

[RPC Fault faultString="Send failed" faultCode="Client.Error.MessageSend" faultDetail="Channel.Connect.Failed error NetConnection.Call.Failed: HTTP: Failed"]
at mx.rpc::AbstractInvoker/http://www.adobe.com/2006/flex/mx/internal::faultHandler()
at mx.rpc::Responder/fault().....

What else do I need to do to get RemoteObject working?

Thanks!