I'm trying to post a "solution" and hope I'm doing this right. I just wanted this to be out there on the internet as I spent a few hours trying to find a solution and couldn't find one anywhere. I use an LG MSB-100 stereo speakerphone and an IOGEAR bluetooth adapter/dongle.
Before reinstalling Windows 7 on a new OCZ SSD my bluetooth connectivity was more or less fine. I had to install a driver from Broadcom but after that things were working like I expected them to. This time around I was having all sorts of problems for mysterious reasons. Particularly I would keep getting an error when going to control panel>devices and printers saying "failed to initialize...". The fast-forward and rewind buttons didn't seem to be working either. I never had this problem before and couldn't figure out what the hell was wrong. Was it the new motherboard? The SSD? The USB ports?
After many hours searching and a lot of trial and error the solution(s) turned out to be (as usual) pretty simple. The big clue for me was noticing that trying to run the bluetooth driver wouldn't work without "running as administrator" and I remembered having problems with UAC in the past (Vista). So I tried turning off Windows UAC and reinstalling everything and sure enough that seemed to do the trick. So I guess it's important for people to keep in mind that UAC is stupid and always keep it in a list of suspects. I would also add if sound isn't coming out make sure the device is enabled under Sound>Playback Devices.
I know this seems like a no-brainer but my experience with computers has been rife with forehead-slapping moments like this and hopefully I save someone some time out there on the interwebs.
I'm still having trouble getting the fast-forward/rewind to work properly so I'm entertaining the idea of just reformatting and trying to get this right from the beginning, so, if anyone knows of a faster solution that'd be great.