For what it's worth, I just got my TimeFactor in the mail yesterday (and loving it!!!), but was able to connect with no problems to my Dell XPS m1730 running Win 7 64 Bit. What kinda computer are you runnin'?
Let me clarify… I am able to do the USB updating of the firmware, but have been unsuccessful at pulling the presets off of the unit to back them up. I have an M-Audio Uno MIDI to USB device that I will attempt to do this with later and report back…
Some of the M-Audio adapters use Windows' built-in MIDI driver ("class compliant"), which had problems in earlier versions. M-Audio used to supply a better driver for Windows – don't know if they have one for W7 yet.