The memory bucket usually has a few bars in it when I try this.
Thinking that this problem might be related to burnt CD's, I tested this with retail cd's and still have the same results.
I like the instant cue return function because I don't have to think how far back I spun the wheel. I can spin the sound back, stop and hit the cue point on beat. When the PS2 responds, tapping the wheel on beat as I spin back, creates pretty sweet effect and creates an interesting transition.
I guess I'm pushing the PS2 function beyond it's intent....