Personally, I would if for no other reason than to make sure that I have all of the latest fixes and improvements. In your case, version 1.0.2 appears to be the solution for the error message you are seeing.
As far as the missing crossfader, check to make sure that it is not simply turned off. Look in Preferences → Layout Manager and you will see a checkbox labeled Crossfader.
Hope that helps.
New problem emp…
When I open up Traktor it gives me the blue screen of death… It shuts down my laptop… I am about to give up…
Ugh…ya, that’s going to require a bit of investigative work to solve. 
If you have a gig, you might just want to skip Traktor for now and come back to it once you get some time.
BTW - what are your specs?
Hey Empolo,
Thanks it worked… I reinstalled traktor and it stopped shutting my computer down… The console is working now… Thank you very much!!!
Good work man!
Let the re-mapping commence. 
:dthis Is Fun!!!
DAMN,
The console stopped working…
Hiya,
(first post actually)
don’t have the new one, but i have a older console MKII, and from what I’ve encountered with Hercs stuff (as awesome as it is) their “updates” can be a little wonky.
When i got my MKII loaded the default software, plugged it in, set it up right and off i went. then they released a firmware update for it (and new software) and everything went to heck.
to get it back werking right, had to uninstall the whole process, reinstall my computers sound drivers, then installed the unit only using the new version. I’m guessing it might just be bad updates. not replacing the older version correctly then causing problems.
Try their tech support email addy, their pretty quick with a reply.
dont know if any of that helps.