Not sure if you’ve too the leap or not but stumbled accross this and thought I’d give my opinion. I love my CC121. I use it with the full C7 and have had no problems with it, works as good as it did in 6. I even get some basic function in Wavelab 7 now (soon to be 8 
) On a few occasions I’ve opened cubase and forgot to switch it on and I felt as though I had an arm missing. My workflow was much slower and I would actually shut it down and open again to get the 121 back. I highly recommend it. I’m sure you can set the dial to work with anything the mouse is over, I just use if for Jog
I set up the function buttons 1 - 4 as Punch in, Punch out, set L set R and I love it.
Buy it if you havn’t already, you won’t regret it
PP