I am assuming you are talking about Arc Touch Mouse. I have one I use for my media center (infrequent use.) The touch strip works fine, it has tactile feedback and you feel the "wheel clicks." A fast swipe spins the wheel and tapping the top or bottom scrolls all the way to either extreme.
I haven't loaded the intellipoint software so can't comment on the available settings.
For its intended purpose of a compact portable mouse it gets the job done. I wouldn't want to use it as a primary mouse though.