If you were to look at the key press events coming in from the Gyration, you'd find that roughly 50 milliseconds after pressing a key down, it subsequently sends a key up.
This happens even when the key is held down. It is the result of the firmware on the remote itself, and it is literally what the linux kernel receives.
What this means essentially, is that there is NO way, to distinguish between a key that is toggled, or held, and thus, no way to handle either held keys or repeats.
Nothing that can be done about it. Sorry. Not our fault(tm). Blame Gyration.