Stingray, I have had the same problem and the resolution is to delete a couple of reg keys (don't know them by heart), unplug the controler, replug the controller, move it on all axis (trothle, rotaries, slider, buttons) and then it should be resolved and work as before.
If you still have this problem let me know and I'll get you the registry keys which you need to delete.
~S~
Vaca