I know that when I'm trying to select something in a hurry on the wheel, it often doesn't work. It's hard to tell what the exact issue there is, but either the wheel requires too much time to open up/become responsive, or it requires that you move the mouse too much to activate the desired function. Usually, it happens when I'm trying to shield (the most important to activate in a hurry, most of the time). Basically, if the wheel were more responsive when used for just a second, that would have saved my neck more than a few times.
Update- I've noticed this issue with the communication wheel as well (normally when I'm trying to ping corvettes for destruction or ask for healing).
Also, a smaller issue, the indicator for energy consumption (whether weapons, shield, or thrust; I think it's usually thrust) doesn't always line up correctly. Sometimes when I'm speed boosting, power is dropping normally but there's no speed boost indicator. Other times, the indicator will be lit up but no effect/energy consumption is actually active.
Finally, scrambler status effect disables energy wheel use (not sure if that's intended, though).
I personally can't recall the described bug, with the wrong selection being made. These are the only energy-wheel related bugs I know of.
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