I’ve been battling this for a while to. I had been waiting for updated drivers etc. Today (12/31/12) – I went through and updated all my drivers to the current ones. Still no way to configure Smart Gestures. Then I found it. It is a bit convoluted and in no way obvious, but it works. It may have worked without the driver updates, not sure.
Go into Control Panel – select Notification Area Icons
Find ASUS Smart Gesture Center – for me it was set to “Only show notifications” – I changed this to “Show icon and notifications”
Click OK and a new icon appears on the task bar, hover over it and it will say ASUS Smart Gestures. Double click on it and it will bring up the ASUS Smart Gesture configuration app.
Later I installed a Logitech Touch Mouse and the icon disappeared. I went into the Notification Area Icons configuration, set it back to “Only show notifications” – clicked OK, then back to “Show icon and notifications” and I got a pop up telling me that the icon wasn’t active, but would appear next time it was active. So I removed the dongle for my Logitech Mouse, rebooted and the icon reappeared. After that I was able to reinsert the dongle and the Smart Gestures icon remained, even after a reboot.