I have a Bluetooth MX Revolution from the MX5500 set, and I've been using Controller Mate with it for about 2 years now. It works pretty well overall, but there are a few issues with it that bother me somewhat.
The main problem I have is this: if you happen to press any button other than left- and right-click buttons, it will STILL usually also act like a left click.
To give you a better idea of what I mean, I have the thumb wheel set to control Exposé and the forward and back buttons set to, well, go forward and back. If the cursor happens to be hovering over a link in a webpage, pulling the thumbwheel back to invoke Exposé, pushing it forward to show me the desktop, or pressing it to show me Dashboard will cause the link in the page to be clicked, just as though I'd pressed the left mouse button. The same thing happens if I try to use the mouse buttons to go forward or back.
Similarly, if the mouse cursor is over a song in iTunes or a file in Finder, any of the above-mentioned button actions will select that song or file, again as though it had been left-clicked.
Likewise, if the cursor is over a button, say the Play button in iTunes, or a Save button in a dialog box, any of those button presses will register as a left click on that control.
It's annoying, since I have to make sure the cursor isn't over anything selectable or clickable before invoking Exposé or pressing the back button and such.
The upside is Controller Mate will recognize the Search button, while Steermouse and USB Overdrive do not. None of them support auto-switching to freescrolling like the LCC does, though. Unfortunately, the LCC doesn't support the Bluetooth version of the MX, and the Logitech drivers that do are Windows-only, meaning I'm pretty much stuck with this behavior.