After researching and testing with the controller all day I thought to update my thoughts in here.
I am still not happy about the fact that you cannot save quick control presets and I hope that it is something that could be implemented into Cubase somehow (and the amount of quick controls increased), but here are few tips that I think will give satisfactory results in case you want to control plugins and Cubase with a controller like CMC-QC or CC121:
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You might want to create a track preset with basic volume and panning pre-assigned into quick controls. If you have CMC-AI, you can open a new audio track with a track preset by pressing the AI button in the jog mode.
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In Cubase 7 it is good to set the mixer so that the quick controls tab (labeled QUICK) can be seen at all times - that makes setting quick controls much quicker when you do it in the mixer, and you can see an overview of all of your quick controls at all times.
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If you shift+click a quick control cell it gives you access to all of your track inserts. This means that you can practically access any plugin from any channel at any times by using quick controls.
As an example, what you could do is that if you have an audio track with 4 plugins you want to control, you can create 4 midi (or audio) channels beneath the audio track. Name each channel with the plugin you are about to control. Then you can define quick controls to control a plugin per track. That gives you 8 channels to use with each plugin, and practically 40 channels for one audio track. You can then switch between controlling different plugins with your controller by jumping between the midi tracks.
If you have the time and patience to set it all up it will be very pleasant to work with the controller. But without the presets it is quite an effort to make.