I have downloaded & installed the latest (Version: 1.08. I have had the same problem with my new mouse - I can map the buttons fine inside WoW, but the steelseries software outside the game does not work correctly. The first mouse is a paperweight now due to the static discharge issue, and I'm still fiddling with the second one regarding the USB recognition issue. My guess is that this has something to do with the gold plating on the Cataclysm mouse's USB connector. I have to unplug and then replug them in the USB port to get them to be recognized. Second, both mice I've had don't want to be recognized at boot up. Thank God the mouse ate the charge and it didn't reach my MOBO. Last week, I walked to my computer across carpet, reached for this mouse, and static electricity discharged from my finger to the mouse, killing it. First, it is highly (as in HIGHLY) susceptible to static discharge. There are some issues with this mouse (I'm on my second one). Remember, that you have to click the "Apply" button to save your changes, but the software should warn you that you haven't done that if you try to exit the program before doing so. If those work and yours don't you have isolated part of the issue.
the mouse ships with default key bindings that you should check first. Not sure why your key bindings won't work but.
USING STEELSERIES WOW MOUSE OTHER GAMES UPDATE
A driver update was released 27 DEC 10 that should fix the WoW character profile issue, which was caused when Blizzard changed the web address of the armory.