Just FYI, from what I have read, this is my understanding of how II6 works.
Network Service (w3wp.exe) is the process' identity.
However, when pages are served, new threads handling ASP
pages will impersonate a user account based upon the logon credentials.
So the thread *should* have the windows logon credentials.
The other possibility I am thinking is that something is going screwy when accessing the UNC path.
It might use the Network Service identity of the process instead of the thread credentials?