You're right -- it could be an iPoint bug. The fact that the same issue can be caused by multiple programs suggests the real bug is in explorer, but doesn't prove it.
Either way they should fix it. We can all agree on that.
I agree: it doesn't matter if they fix the issue at the Windows level or if they fix it by releasing an updated version of IntelliPoint, it just needs to be fixed. The last version of IntelliPoint, in the guise of Microsoft Keyboard and Mouse Center 2.0, was
released on 11/6/2012 and I've experienced the issue with that software running so either they can't fix it via updating IntelliPoint or they just don't care to do so.
Personally, I'm choosing to skip AeroPeek in favor of the mouse behaviors provided by IntelliPoint: for me, the behaviors provided by IntelliPoint are more valuable than AeroPeek. The consolation is that I didn't have AeroPeek in my Windows XP past anyway
(I'm new to Windows 7, having used Mac OS X since 2008 but in my new job, I've been forced to use Windows 7) and the Alt-Tab thumbnails of Windows 7 are at least an upgrade from Windows XP even without AeroPeek. Still, it certainly would be nice to be able
to use AeroPeek and it is certainly shocking an ridiculous that Microsoft has not seen fit to fix this issue.