Yes but you need to remember that by default, anonymous WEB requests run under the context of IUSR_<MachineName> local account, whereas a VBS file would run under the current user.
You may have different permissions on the machine that the script works on..
I must admit I've only connected to exchange using LDAP and not the provider you are using, however my gut feeling is that it could be a permissions issue.
Is there anywhere in exchange where you can alter permission for this type of access?
Cheers,
Andrew