I'm not trying to knock PowerMAME, I think MikeQ's done an excellent job, and it seems like there are people who aren't having the same problems I am, so it might just be something I'm doing wrong that I haven't figured out yet, but I can't get the controls to be accurate enough for it to be worth my time. The biggest deterrent for me was in trying to get the LED's to be do one thing while in my FE, and another thing while in PowerMAME, and then back to the first thing again in Mamewah when I come back out of PowerMAME. And then, on top of that, I've got 5 other emulators running through Mamewah, and I need a third app to get the lights working properly in those emulators (which that part I got working, but I ran into the same problems when trying to come back into Mamewah).
So, I gave up.

In the end, my wife kept telling me she thought that the cabinet looked best with them all on, and I was starting to agree. I was liking the LED's better and better not as indicators of active controls, but simply as color-coded controls for each player in my control panel, etc.
As for the LED's themselves, yeah, I went for single color LED"s in order to have more control for animations with a single LEDWIZ with only 32 outputs. I have over 32 different buttons/balltop joysticks with LED's, so in order to control them each individually, I had to use only one output per button. And even with that, I still had to combine some buttons together. For example my six admin buttons across the very top of my control panel are on the same LEDWIZ output, so they just all turn on and off at once (different colors, but same ON/OFF switch). And both credit buttons are controlled together, etc..
Remember that with RGB LED's, you can control their color, but they take 3 outputs per LED set that you want to control, so you can only have 10 separate ON/OFF controls for RGB LED's, so you need either multiple LEDWIZ's (which I believe people have gotten to work now), or else you need to have your buttons in groups. Like all the P1 buttons controlled together, all the P2 buttons with the same settings, etc.
Ok, I'm just rambling now....