[FA_Bong]

I have noted that in the newest version of the software there is no calibrate function. But, if you want to erase any calibration so to speak that already exists:
Unplug the controller, click Start>Run, type regedit and click OK. In the Registry Editor browse to the following folders in order:

HKEY_LOCAL_MACHINE (HKEY_CURRENT_USER if using Vista)
SYSTEM
CurrentControlSet
Control
MediaProperties
PrivateProperties
DirectInput

And delete any folder starting with VID_06A3. Plug the controller back in, move it fully a couple of times and see if that has fixed it.
-quoted directly from Saitek Support
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