I just installed my AVIC-F700BT and PAC steering wheel controller, but after doing hours more research I found out it's actually the AVIC's fault the steering wheel controls are 1) laggy and 2) preset up/down won't work - period. See the following for reference:
Pages 2 and 3 of this thread (p2 = keep beep delete mod, p3 = presets issue):
AVIC411.com • View topic - Last Word on Pac Audio and SWI-PS
There are many threads on the AVIC forum with info about F700BT problems with steering remote control.. and lots of anticipation for a possible 3.0 firmware update.