Turns out CompUSA had a handful of Memorex 40Maxx's for $59.99 so I ended up getting two of those instead of the 32Maxx's that I had originally gone there for (which were $59.99 as well).
I flashed a 40Maxx (semi-blindly) into a LiteOn 48X (VS02).
The flash seemed successful. Rebooted and Windows picked up my new drive. Nero 188.8.131.52 (newest ver) sees it too.
All I have on me right now are my 16X blanks (PNY.. hey it was on sale). These worked like a charm on my old drive, Yamaha 16x10x40. But on my 48X they generated "Power calibration error" even when I told Nero to burn it at 16X or even 12X.
On a more positive note, it can read everything as advertised and it seems to simulate 48x okay...
Am I missing something? Should I get the newest firmware? Or are Memorex 40X's just not suitable for overclocking to 48X?