For something with so few options the SharePoint 2010 Configuration Wizard should just work. Sadly it does not always do what it is supposed to do. When it does not your options are pretty much limited to common sense, event logs, and the Configuration Wizards logs themselves which found in the LOGS folder in C:Program FilesCommon FilesMicrosoft Shared Web Server Extensions14
They’re not perfect but they normally are sufficent enough to get started down the right path if you have a really obscure issue.
For example, lets say that you are having some kind of connectivity issues at the specify configuration server and database screen after opting to create a new farm. Inside this file you can find the parameters being set such as the user in the standard DOMAINUN format and their password as a series of ***** followed by mention of the functions as they are being stepped through by the installer. Very helpful if you are trying to figure out where the break is occurring!
A point to take away is that knowing the local time that you are running through the steps can be very helpful.