The Razer software lets you bind "Single Key" as in W but without Shift+Alt without going into Macro mode. You do not get a choice between press or release, you just get to set a button to do a Macro, and the macro includes both the presses and releases -- as recorded when you press it in the software.

I picked up a Naga yesterday since I needed to replace a dying mouse anyway. My complaints echo Zanthor's:

First, I made heavy use of mouse4 and mouse5 on my old mouse for instant cast spells. The Naga's mouse4 and mouse5 are positioned in a place that I don't have an appendage capable of doing something that quickly with. You need another finger between your index finger and thumb, possibly attached to your index finger at the last knuckle. I don't have one of those. If my thumb was another inch long it would be physically possible to use my thumb to hit them.

Secondly, the mapping support leaves much to be desired. I'll be leaving mine configured to do the action bar hotkeys until I get the new software out. The good news is that this gave me a great excuse to do some pounding on the new software and fix a few bugs