It appears that support for this device was added in version 8.90.003 and worked correctly until 8.90.005.
From 8.90.006 onwards, the 'cursor' mode works, but when out of 'cursor' mode, it appears that device arrows keys are being pressed continuously, and the menu buttons flash on and off on the screen seemingly randomly.
I have tried using the airmouse with the latest Windows version of Kodi (RC3), and it functions correctly.
Any ideas?