After upgrading to v1.2, the keyboard MOD wheel no longer functions for any of the presets.
I uninstalled the program and reinstalled v1.1 from the CD and everything worked fine (except the OCTAVE -/+ buttons don't update in the GUI). I then reinstalled the v1.2 upgrade, and the MOD wheel no longer works (the OCTAVE -/+ buttons still don't update the GUI, either).
Get it together, folks. And for goodness sake, update the programs to 64Bit.