I'm recording using the 0.8.5.3 software and I am on the 0.8.4.1B firmware from the viking360.com downloads page still. Recording analogs seems to be working good. Unless you need something super sensitive you should be good to record and store with this version (i.e. recording Fifa moves or fighting game moves, etc.)
Remmnever, we'll refer to what you are talking about as the 'pickup level' for lack of a better term. We have set the 'analog stick pickup level' of the modchip to be less sensitive than the sticks actually are. So if you juuust baaarely move the stick and your guy just baarely starts to move, the modchip won't record it. There are a couple of reasons for this. One is that it's impossible to get the modchip exactly in sync with the gamepad itself. There's something strange about the potentiometers or the sampling rate microsoft is using on their analog-to-digital converters ('m missing some other critical details about their design).
Second reason is the rumble pads suck down the voltage so hard that with a pickup level set too sensitive, the modchip will interpret the analog sticks as moving even though they aren't. (Kudos to Fredrow for discovering this bug). There is a happy medium somewhere in there and more fine tuning is needed. I spent several good weekends in my underwear trying to brainstorm and visualize (mentally reverse engineer) Microsoft's design. Analog-to-digital and digital-to-analog conversions get into the nitty gritty of electrical know-how, whereas reproducing a button press "on or off" is a heck of a lot easier.
I'm not sure that the circuit board doesn't undergo some sort of calibration routine when it's commissioned. I've noticed that the same exact code will behave differently on two different gamepads. In other words tune it perfectly for one game pad and it's total garbage on another game pad. So the easy solution was to go less sensitive on all the gamepads. What I am wondering is if we shouldn't write up some sort of fine-tune / calibration for the Viking mod chip that will let the advanced users specifical calibrate their Viking. I.e. you would load up your favorite game, enter calibration mode, and calibrate each stick individually and by-axis, somehow the modchip would store your calibration settings in the EEPROM for future use. This way you aren't stuck with the 'universal' and less sensitive pickup level.
Or we could just tell the modchip to record 100% of the time. (Right now it 'shuts off' recording for the analog stick track when it determines the stick is dead center).