I bougth it about 2 weeks ago, and after the updates it works great.

If your having problems with the keyboard update the folowing:

The Firmware,
The vyzex software,
The reason codecs,

Download it in akaipro.com website:
http://www.akaipro.com/supportos.php#MPK49

Reason users read this:
http://www.futureproducers.com/forums/showthread.php?t=229353

This will eliminate the pitch bend and others issues.

I got my Akai MPK49 last week, Im a Hop Hop Beatmaking instructor from Todaysbeats.com. I was somewhat dissappointed as well,but found some workarounds until the driver and compatibility issues is resolved. I've done some extensive research and is still working as we speak,but this info is much to detailed to blog. I set up a Youtube tutorial series to tap into the heart of the issues with workaround butstable solutions to most of our problems we are experiencing for our Akai MPK49. Check it out at TodaysbeatsTV on Youtube, here is a link to review the series videos.
http://www.youtube.com/watch?v=aPC8vb7Z9wE

Recieved it about 2 days ago. The first thing your notice when you get it is its heavy. The thing is a tank. The keys feel good when you play on them. The pads are just the right size, yes the look indeed screams out 'Akai!'. However on the other hand theydon't feel sensitive, it's as if they require more force from your thumb to have any effect.

You're probably wondering why i gave teh keyboard a '7' well the reason its built like a tank and thats about it. When you get the cd at teh moment, installing the files for your software 'DAWSs' to recognize it has to be done manually. I mean you would think they would at least give you a programme to do it for you and you have to do is double click. This is not even the tip of teh ice bag, i wish it was, cause i own the keyboard. After jitering around trying to follow the instructions failing obviously because the instructions where incomplete, calling them up
getting the more detailed installition pdf for my DAW [Which is Reason 3.0 build 514];and failing again because the 'lua codec folder' or whatever it is doesn't exist and i had to create. My was and is broken. The support team for the UK told me they'd contact the US team for further assistance, teh guy didn't even ask for my number said 'i will email you' well aint that dandy.
There is nothign as painful as buying a beautifully built keyboard which doesn't function fully. In 'leymens' terms the driver side of this keyboard is really lacking. Yes it will have all those capabilities they mention on teh produre but whats the use when yoou can't use them because your DAW only recognizes you keyboard as 'USB midi device. Akai really need to fix up, this whole rollercoster just tarnished my image for them. They released an incomplete product.

Unless you want to be disappointed, at the moment don't buy the keyboard. Wait till the drivers are fully developed. Its a great build, but an unfinished build.

just received it today i waited a long time for this and I'm not disappointed. first of all its built like a tank, a lot heaver than i thought it would be. i was surprised to see that both mod and pitch wheels are lit. the display is nice and the external controllers are killer. but i had some issues, first it was cool that the templates for reason 4.0 came with the unit but it was very confusing on how to make reason 'SEE" this controller good this i know my way around the mac OS or i would have been screwed. if reason has the program they stated would load the profiles for this keyboard reason didn't know because nothing on the phead site gave me any clue how to do this. once i manually put the files in the proper place, while playing some reason instruments using the pitch wheel would cause the reason inst's pitch wheel to stay at that position until u click it. i don't know if this is a akai bug or phead but it needs to be fixed because i use the pitch wheel a lot. but thats a software thing. on the hardware side everything is cool expect the pad the sensitivity never feels right plus they are so thing it felt like i was dam near banging to the frame. to compare the pads are not as nice as the axiom 49 but the akais are more functional, and the keyboard be-it a Little springy feels better than the axiom 49 also. my only other gripe is that even though its usb power you have the option of plugging in an ac adapter, but they don't supply one i guess i have to get your own but other than that I'm hyped about this board. i do recommend it and i give it 4 out 5 stars.

i had dreamed of a day when the functionality and precision of the mpc serious would be applied to a midi keyboard, the day has arrived, mpc fans id definately recommend this for your studio, non mpc fans, prepare to be converted.

and the build quality is superb