It depends on who you ask.
I don't think they're all gone, but they've pretty much worked out all the bugs that affect me. I haven't had the audio drop out issue with my PS 3 with the new firmware. I did have still have the center channel audio drop with my AT&T U-Verse DVR at first. But we started having problems connecting to the internet so AT&T came out and gave us a new gateway and I haven't had the issue since.
I haven't bothered to run Emo-Q since I just manually input the settings that I had before. I'm not running a 7.1 system, so I can't comment on the bugs that other people have talked about. But so far the UMC-1 is working pretty darn well for me.