The http requests are visible in the second tab (HTTP/S tab). On this tab you will see all the http requests grouped by page and the AJAX requests will have a special icon (see the second screenshot here : http://www.debugbar.com/#new ).
If it does not work, be sure to not have IE7Pro installed (IE7Pro and DebugBar are using the same feature to sniff the http requests so one of the 2 tools will not see the requests).
If it does not work, feel free to post on the forum again with OS and IE version.
Unfortunately I do not see anything in the second tab in 'content'. I just uninstalled Developement Toolbar from M$, but (after rebooting the server..ugs) it's still not working
I'm working on a terminal server with windows 2003 installed, the main browser is ie7 (7.0.5730.13). I also installed multipleIEs (from http://tredosoft.com/Multiple_IE, for debugging purposes)