I've done that. I went through all the steps outlined in the help section (its also the same steps on the Presonus website), and still nothing. I've tried uninstalling the faderport software, and reinstalling it, but still no luck. I remember it working the first time when I ran through the steps when I purchased it, andused it with X3, and as soon as I upgraded it, it stopped working.
SONAR sees it, and the key/channel aftertouch settings are selected as well. The only difference I could see was that the in/out port selection only offers "Faderport(upgrade mode)", instead of just "Faderport". no idea what that means though.