I am still waiting for my MK802 ii to arrive, and reading all these issues is a little discouraging.
I read about the power issues (since i will be plugging a k700 keyboard and an external hd) and the heat problems so I actually ordered a 5v 2a plug-in adapter and small aluminium heat sinks just to be on the safe side (they will arrive later than the mk802 ii). Last night, I've read about the phoenixcard not working with some built-in card reader, so i guess I will have to get a usb one if it turns out as such for me.
So at the moment, the 120822 is the more stable firmware - it would probably be a good idea to start a sticky stating which firmware is the most stable at the moment (to help new owners).
It would be great if they would focus on making the firmware stable first before focusing on mk802 iii .....