I did some additional testing and it looks like the only channel that seems to work on the 5Ghz band with Rev A1 FW1.21 is channels 149,153,157 and 161. Also the connection is weak on the channels that do work. The FW 1.1 works on all channel and gets about a third more signal strength.
I don't have the box to FW1.21 and since it was bought on Ebay its kind of hard to return. I was kind of hoping D-link would honor their warranty. The product is suppose to have a 1 year warranty.