One user reported that setting the Absolute= time to just a few minutes ahead of current time did not trigger unless the EZSrve was Restarted (not Reset) before the trigger time arrived. I have never been able to recreate that and regularly set time based Actions a few minutes ahead while testing. The parameters you posted look correct. A FF Effect value does turn On an Insteon device and a 00 Value turns an Insteon device Off.
There are a few areas that if done in the wrong sequence will result in the Action information not saved correctly. You go to the Condition Screen first, set those values and Save on the Condition screen, then click the Back Icon to return to the initial Action screen. Set the Effect information, check the Condition Enable, the Action Enable and click Save on the Action screen.
Can you post the XML from the Actions.xml file for the Action in question. I will check the actual values saved for both the Condition and Effects to see if I can see a problem. You might try setting an Absolute= time value say 10 minutes in the future, save the Condition and the save the Action. Do a Restart (not Reset) and see if the Action triggers.
EDIT: There is another possibility I just thought of. Did you check that EZSrve is showing the correct time of day. There were some changes around 1.60 and carried into the V2 images that start off with Manual time zone and no NTP option checked. That will result in EZSrve not running the expected time until the correct time zone is selected, the NTP option checked and the SET TIMEZONE button clicked.