REPORT SO FAR
Thank you all for your responses. Yes, the Keyfob did install ‘out of the box’. It seemed to work as described.
HOWEVER, the battery drain of this device was excessive. It lost 75% of its capacity on about 3 days !
This appears to be a common problem. Can anyone comment of a fix before I send them back?
There are a couple of reasons this can happen.
bad initial battery. This can happen. So the first thing to do is to try a new battery and see if it happens again. 
fob is right on the edge of range and it’s having to resend messages multiple times. Or, and this is a common one, you are walking around the house with it, in which case it has to keep trying to find a new pathway to the hub. This device is really intended to stay in one location, preferably with a minimum number of hops to the hub. (And, yeah, I know it’s a key fob, so you would expect to be able to walk around with it. And if you are a European or NYC resident who lives in a fairly small apartment, that won’t be a problem, because it will always be within 1 hop of the hub. But if you live in a larger house, it can be.)
device was not paired in its final location so it’s confused about who its neighbors are. We typically see this when someone pairs it close to the hub and then they take it somewhere else like in the living room. With this device, it’s best to pair it in the location where it’s going to stay.
device is being kept in a car and it’s just getting too cold or too hot. It’s spec’d for a fairly narrow temperature range, from 10° to 40°C. Note that that’s a lower value of 50°F, not down to 32° like some other battery powered devices.
it’s being used more frequently than it’s spec’d for. The device is spec’d for five pushes a day. If you’re using it 20 or 30 times a day, it’s going to have shorter battery life, although it should still be more than a few days.
you’re using rechargeable batteries. Just don’t. 
CR2450 3.0V battery (included)
est. 2 years (default settings, max. 5 pushes per day and direct range)
10 - 40°C
I don’t know if any of that applies to your situation, But those are typically the first things we would look at for this particular device.
Thanks for this valuable insight. I did use the KeyFob a lot in setting it up and configuring the system. Perhaps a battery is the price to pay for the setup ?
One a more detailed level, I am interested in your comments regarding pairing the device with the hub. For example, if the hub is in the living room, then one’s subsequent use of the Fob would ideally be at points close to the hub. I mean if I want to have the Fob on my keyring (like your cool photo above), and use it to arm/disarm my system (just like my car fob for the car) then I should do that as close as possible to the hub. Is that correct? That simply comes down to a behavioral issue.
As a side question, does the Fob have to be ‘woken up’ or does it simply normally operate like my remote car fob/lock ?
It might’ve been a factor, but it would probably have been a combination of factors, like being farther away from the hub, using it a lot, and may be a partially depleted battery when you got it. It’s Spec’d for over 3,000 presses, so you didn’t do that just from setting it up.
One a more detailed level, I am interested in your comments regarding pairing the device with the hub. For example, if the hub is in the living room, then one’s subsequent use of the Fob would ideally be at points close to the hub. I mean if I want to have the Fob on my keyring (like your cool photo above), and use it to arm/disarm my system (just like my car fob for the car) then I should do that as close as possible to the hub. Is that correct? That simply comes down to a behavioral issue.
Yes, that’s correct. That’s why the user manual for the device says the battery specification is based on a “direct range.“ Meaning a direct connection to the hub.
As a side question, does the Fob have to be ‘woken up’ or does it simply normally operate like my remote car fob/lock ?
This one is more complicated, it’s not working exactly like your car Key fob probably works.
There are several different factors involved, depending on how you set it up.
Normally, any button press would result in that scene code being sent to the hub. The device will sleep until the next button press.
However, the device does allow for a locking code to be implemented. If you use that, it goes to sleep and stays asleep until you press the unlock sequence.
Additionally, if you set up a multi button sequence to activate a scene, including double press, then it wakes up as soon as you press a button, but it waits a little bit to see if you are doing the first button in a sequence. People often misinterpret that as the first press being ignored, but it isn’t. It’s just how they are handling multi button instructions.(the other way some devices do it is by having a mode button that you press to say that you are then going to enter a multi button sequence but that’s not how this device did it.)
And the multi button sequence rules also apply to double click, and triple click.
Activating a double click will introduce delay to a single click reaction and activating a triple click will introduce delay to a double click reaction.
So again, people sometimes interpret that delay is meaning that the device is asleep, or not working when it is, there’s just this introduced delay to make sure all the buttons are captured before the action occurs.
And finally, although this device does support zwave direct association, it’s not actually very good at it, and it gets pretty easily overwhelmed if you have a lot of devices in the association group.
It is not recommended to associate more than 10 devices in general, as the response time to control commands depends on the number of associated devices. In extreme cases, system response may be delayed.
So all in all, it’s a somewhat quirky device and you have to get used to its response pattern. It’s definitely not the same as a regular car key fob.
Thank to for a very comprehensive response. I now understand its behaviour better. I can see why/how it uses various timeouts and how that may be perceived as lack of responsiveness.
I do well to remember that it is a Z-Wave networked device as well, despite the fact that mine is a small network (10 devices so far, not directly associated).
For the moment, I am using the Fob with single button presses without a locking code.
According to manual:
The KeyFob can be powered with CR2450 (included) battery. Estimated battery life with device added once, default settings, direct range and maximum 5 pushes per day is 2 years.
My experience, when I have used it frequently, during device code debugging, with intense momentary use, the battery indication low quickly, then it recovers again with normal use that I have of no more than 5 daily pulsations.
I have it for 3 years and I just put the 4th battery.
The quality of the battery also influences its duration.
