I have I/O magic 8x dual format DVD burner installed in 1900+ athlon set up. 160 & 80 gig HD, 512 meg ram, xp OS. Also have CDRW in second bay. For the past 11 months, this set up has run without glitch, reading & burning all format (+/-)DVD and CDs (probably close to a couple hundred). Last week, the DVD drive stopped recognizing any CDs (music, blanks, CD ROMs). The only software changes I'd made was uninstall/re-install newer version of Monkey's Audio. DVD drive still plays and burns DVDs though.
I tried uninstalling monkeys audio and even later re-installing the old monkeys audio software, then tried going back with system restore to point when I knew drive was reading CDs. Then contacted I/O magic support & they directed me to new version of firmware. I installed new firmware, but still have same problem.
I also thought it might be Roxio (version 6) since I had that program get corrupted once before, but then, burner just stopped working. Now I get ok performance burning DVDs from DVD burner & ok performance from CDRW, so I tend to think it's hardware problem with the DVD drive.

Any thoughts or suggestions?

I don't have an answer but I am having the same problem with the same burner. If you find anything out please let me know.