Just to throw in my 2 cents. I have six Saitek panels, one being the BIP and everything works great. The issue I had was I had a conflict between the BIP and my Track-IR. Using both would cause huge 3-4 second delays in FSX. What solved it? I manually de-installed .NET 3.5 SP1 (which is installed automatically with Windows7 installation), and re-installed it from the Microsoft website. Whatever conflict I had has been gone now for several months. So they do work but I remember lot's of frustration until I added my fix.
Hope that helps