Magic Trackpad gestures don't work
It's possible that the kernel extension for the trackpad isn't loading properly.

Try these steps and see what happens.


Open Terminal and type kextstat | grep AppleBluetoothMultitouch and hit enter.

If nothing along the lines of 69    0 0x19d2000  0x3000     0x2000     com.apple.driver.AppleBluetoothMultitouch (160.7) &lt;68 64 30 4 3&gt;
 shows up, then the kext isn't loading.

If you did get text similar to that above, try unloading the driver with the command sudo kextunload /System/Library/Extensions/AppleBluetoothMultitouch.kext. There may be some error messages that spit out, you can ignore them for the moment.
Try reloading it with the command sudo kextload /System/Library/Extensions/AppleBluetoothMultitouch.kext


If after that it doesn't show up in Keyboard Preferences, I'm out of ideas - it may be time for an exchange or a trip to the Genius bar, as it's likely a hardware issue.

It may also be helpful for other's diagnostic purposes to amend your question with the output from the Bluetooth section of System Information (in the /Applications/Utilities folder).