I am just now setting up a Windows 7 Home Premium system and I have the same issue.  I loaded the drivers today and I guess I'll try again.  If anyone has a better plan, please let me know.  It was working fine with my XP system until it died on me... 

Also, I didn't know this was discontinued!  Its a great piece of gear for a vocal/guitar closet or a mix position!

Thanks in advance for any assistance!