This one is more of a pre-emptive solution for those who may struggle with the same problem. When using the wizard with VoIP operations (and others) IP SLA Manager uses a naming convention of the form "Router1 -> Router 2". This actually breaks the display of graphs on the detail page for the operation. You will see the "broken GIF" icon (black square with a red X in the middle).
I found that the ">" is the problem. If you rename the operation to anything that doesn't have a ">" in it you're fine and everything starts working.