The problems you are having updating your TimeFactor are a bit unusual. A number of users have had problems getting their computers to see some of the Factor stompboxes as MIDI devices on Windows 7, but I can't remember any users having these problems on Mac as well. One thing you could try is connecting your TimeFactor to your computer using a MIDI interface that's connected directly to the TimeFactor's MIDI ports instead of using the USB port. It can be updated that way as well.
