I've pinned out everything to make sure I have it right and I'm pretty sure that part is OK. What I'm seeing is the output at the receivers (pins 1 and 4) is always @ 5V. When moving the wheel I never see it dip to 0v.
~telengard
According to the pdf you linked to, You should see a steady 5 volts between pins 1 and 4 of the sensor.
(Between pins 1 and 2 you should see around 2 volts.)
Connect your meter to pins 1 and 3, then turn the spinner very slow. If you are using a digital volt meter and turn the spinner fast, the DVM may not see the fast pulse and register a steady on, due to DVM update times.
At least this is how it looks to me.