So this was an error on my part  - sorta.

The CPE has 3 modes.

1. PPPoE on the CPE
2. PPPoE on the client
3. BRIDGE mode - no PPPoE

So after reading the docs, testing with other PPPoE clients and  
connecting with the ppp dial I assumed it was #2 that was the right  
settings (seems quite logical and the fact that it worked....) Turns  
out that despite the description of item #2 being PPPoE ON CLIENT they  
really do not mean it for the OpenBSD kernel driver. I, for no reason  
at all, and after banging my head on the wall a few times tried mode  
number 3 and guess what - the link came up.  Does not make a ton of  
sense but at this point, whatever.

Thanks All!
Sean