Quick update… I have successfully used FactorLib 1.8 (the new version) with all 4 Factor pedals to read preset data from the pedal, edit it on the PC, and send it back to the pedal. The only thing I've noticed is that MIDI CLK OUT needs to be OFF (just like it does with the Eventide Update Utility). For reference, I'm using Windows 7. I have not experimented extensively with the Edit Console, but have had some success with it (TF).
I've also noticed a change to the ModFactor's Vibrato algorithm, specifcally the filter stages (x-knob) in the retro type.
I've also notice that the display in both the TF & MF (Brock noted this in the PF earlier) sometimes displays "weird" characters (Brock noted "ATK-274") in some (not all) parameters. The display reverts back to normal ("expected") values after turning the knob. I can't replicate this, though, after it happens once (in any given algorithm-parameter combination), it doesn't happen again. It's strange, it doesn't seem to affect anything, but it wasn't happening before the V3b16 update and it seems to go away after the first edit. I haven't been able to replicate it and I doubt it's anything serious.