I'm running 3DS Max 2012 x64 on Win 7 x64, and the Alt+MMB for orbiting and MMB for panning aren't working (or they aren't working reliably; takes many tries to get them to do what they should).
When I installed it, this wasn't an issue, and, in previous versions of Max, I've had the same issue but have gotten rid of it (I don't know how, but I've reinstalled Max in the past and pressed wrong things on the keyboard and that might have worked). I've searched Polycount and Google and found solutions like disabling or reinstalling mouse drivers (I have a logitech mouse that is just plug and play), using a tablet (which just seems like a workaround), and reinstalling Max.
If this happens again, I'd lose so much time either reinstalling or fiddling with input drivers that if there is a quick fix it would be awesome. Does anybody have a fix for it? I know for the longest time I didn't know why the transform gizmos would go away in Max and would have to reinstall the program, but then I just figured out that pressing X fixes that and that saved a lot of time.
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It was an older version of max I was using and I've been off max for quite some time, so I'm not too sure...
Typically whenever I had a mouse that had a tilt wheel, it just didn't work. I always thought that these mice just wouldn't work with max. According to your post though, you said it has worked at times.
I ended up getting a new mouse, but made sure it worked with 3dsmax first...and I've had no problems (logitech g500). This mouse has never behaved the way yours is.
May not be of much help, but this is all I really know about the situation.
It does sound like this might be the problem here. Have you tried a different mouse?