First of all, apologies for necroing this thread.
Infernus, I've spent the afternoon looking fiddling around with your profiles and the BSODs and as far as I can tell it's being caused by using the mode switch as a key press. Swapping to the profile works with no problems, but as soon as I switch to another or select 'Clear' I get a BSOD (this is a five-hour-old clean install of Windows 7 and the latest Saitek drivers), but if I use the HUD software to remove the key presses for the mode switch I can swap profiles with no problems.