Having recently "upgraded" my notebook (HP Pavilion dv7-4177nr Entertainment Notebook PC) to Window 8, I am experiencing the same issue.
It has been my experience that HP will never update drivers for new OS releases. They have far too many model numbers to support. If you go to the Official HP site for your model, you will most likely find that Windows 8 is not in the list of supported OS.
Until now, I've always managed to make some older driver work when upgrading. Unfortunately, the drivers/software for ralink/Motorola will not work for any of us.
I'm not sure this is so much a Microsoft issue as an HP one.
From what I understand, the problem is:
The driver is maintained by Motorola. It uses some Windows Explorer extensions which don't appear in Windows 8 - either because there's an OS version check in the driver (more likely), or it's no longer compatible with Windows 8. The driver actually works
pretty well, I was able to send & receive files and pair with devices. HP simply repackages Motorola's driver once Motorola release it, but since Motorola is not doing great, they have more important things to care about than releasing a driver for a discontinued
(?) product.
I was actually able to use the Windows default driver to send/receive files, but it's not as functional as Motorola's and often freeze the entire OS. Unfortunately Motorola uses non-standard APIs so using the Windows default interface with Motorola drivers
won't work.
If Motorola releases a driver (which they haven't) it may be released for other manufacturer's models or newer HP laptops.