Thanks for the replies!
Edward, I did not have a complex smart list, just that a lead was in a SFDC campaign with a particular status. I did do an A/B test with this email though. It was the first one I have done, so maybe that has something to do with it, but it would seem strange to me if that were the case.
Thanks Dory, I did see that article, but it didn't address the issue I am having. The thread also didn't help with this specific issue, but was very insightful!