I have only had my KeyLab 49 for a few days. After going through the firmware upgrade, etc., and fixing the "numb keys" issue, i noticed that my preset encoder stopped working. I finally had enough time to sit down with Analog Lab software open, and the MIDI control center open, and messed with the settings for that knob, selecting different things from each dropdown one at a time, sending them to the keyboard, and noting whether or not the thing was working.
1) Using the default settings did NOT resolve this issue.
2) Setting the Channel to All, or 3, or a few others (default was "Upper") and Mode to "Relative Control", then sending that to the keyboard, worked. (I retained the CC number of 114).
It appears that the Relative Control Mode is necessary in order to be able to move up and down the list. Also, the default channel of "Upper" simply didn't work, so the channel change appeared to be another major key to resolving. Hopefully these settings won't have any negative consequences downstream, but I haven't noticed any yet...
I'm guessing this might be another bug with the new firmware or something? (I'm on 1.24.)
Mac OSX 10.8, Intel i5