http://www.redhat.com/archives/fedora-test-list/2004-February/msg00739.html
They say to put psmouse.proto=bare on the kernel command line or proto=bare on the psmouse module command line.
There was some discussion of two other options imps and exps. exps apparently causes the mouse jumping problem. imps appears to get a mouse with a wheel working as expected.
I used the imps option which works great on my system.
I can second that. I have a Cybex 4 port at work and a Avocent 4 Port (which is a newer version of the Cybex) at home. Both work great with psmouse.proto=imps.
I tossed the Belkin 4 port that I used to use at home in the trash.
Joe