From what i can gather here: http://www.arubanetworks.com/techdocs/ClearPass/CPGuest_UG_HTML_6.5/Content/Reference/FormFieldValidationFunctions.htm
This field only checks the domain portion of the email address, not the full address.
If you are looking for a specific string to be entered there, why even use the 'isValidEmail' validator? Why not use 'isEqual', 'isIdentical' or 'isRegexMatch' and then in the validator field just enter the specific email address you watch to match against?
Edit: This worked in my lab. If i set the sponsor_email field validator to 'isEqual' and Validator param to (none). Then in the argument i put 'username@domain.com' if i put anything other than "username@domain.com" in the sponsor email during registration it spits out 'please enter a valid email address'. Only thing is it is case sensitive. YOu could fix that by using regex, but I'm not going to test that now :)