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I have the same problem according to bug #5 http://sourceforge.net/p/amdovdrvctrl/bugs/5/
From my card (Powercolor Radeon HD5870 PCS) I know that the problem is caused by the fact that the gpu-fan has only 2 wires (3rd PWM is missing).
Can someone please help/explain if fan profiles will work even though?
PS: I dont understand the patch described in the bug-report #5
edit: problem solved - see bug#5 if you have the same problems
New version 1.2.3 is just uploaded. It includes the patch from bug #5.