Chris!, thanks for your prompt reply. My remote definitely sends continuous signal when held down because my Onkyo amp responds to help down directional buttons with this same remote. I will eagerly wait for the firmware update.
To clarify on my 2nd question;
Imagine being able to control the mouse with your remote. My generic MCE remote had a button that, when pushed, would allow the mouse cursor to be moved by the directional arrows on the remote. If it were pushed again, the directional arrows on the remote would go back to controlling the keyboard arrow keys. Has anyone been able to get this working with a Flirc remote?
Now that I think about it... that kind of control would rely completely on holding down a directional key on the remote to move the mouse cursor... That functionality wouldn't work right now anyways.