I have reported this to M-Audio and Ableton. M-Audio asked for this information so I am posting it here just in case:
What version of Mac OS X are you running?
Snow Leopard. But, this occurs in Windows as well.
Are you using the default Pad Curve C2?
The problem occurs with all the different pad curves.
Did you load a particular preset kit for Drum Rack or just individual samples?
Both. This occurs with loaded samples (Drum Rack) Preset kit (Impulse), and Battery (external VST)
If it was samples, which pads triggered the kick, snare, and hat?
I tried it with several different mappings. Pads P1, and P5 were the least responsive.
To confirm, when you say the kick goes missing, does it record the MIDI note for that hit? Or is the velocity really low and you just don't hear it trigger the sample?
The midi does not get recorded.
Also, if you don't configure the Axiom in the control surface section and simply use it as a standard MIDI controller with only Track turned ON, do all notes still record/trigger?
Yes. The problem still occurs.
This problem is easy to recreate. If you follow the steps I outlined, you will see the problem straight away.