I have this same issue with my Microsoft Wireless Laser mouse as well. However the mouse is so new that xev doesn't pick up any of hte extra scrollwheels or buttons. My horizontal scroll is mucked as well.
** Changed in: xserver-xorg-input-mouse (Ubuntu)
Status: Unconfirmed => Confirmed
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Side scroll wheel buttons mapped as wheel up/down
https://launchpad.net/bugs/33404
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