Thanks for the suggestion Duncan, the end result is the same, appended rows with zero values. It knows the shape is a point and the coordinates get transferred over, just not the other info. The model works when the schemas are the same (TEST append option) so I'm thinking something funky is happening with the NO TEST option. I have to use the No TEST option with these shapefiles because they are an older format with a different assortment of coumns than the newer format (8 of the columns are the same, those are the ones I want). The field mapping appears to me mapping the old columns to the new correctly but nothing is transferred. The data type for each mapped column is the same (float, text, etc).
~Joe
PS - If I run the same model with the same structure, but for just one folder at a time (thereby defeating the point of using model builder) it works fine even with the NO TEST option. It's feeding the Append tool with the iterator that messes everything up.