It stores 8 scenes per project (song), and the way to recall the different scenes is to record them into a sequencer. Otherwise, they are used so you can store different mixes for the same song, and decide at mixdown which one you like the best. I'm not sure if the current software update changes that or not.
You can automate the volume and panning in real time by recording them into a sequencer. I use a Roland MC-300 hardware sequencer to record volume by moving the faders in real time, after I press RECORD on my sequencer. It's really easy once you sync the Akai with a sequencer. Any sequencer that has MMC (MIDI Machine Control) or MTC (MIDI Time Code) will work. Most all sequencers have one or both. Page 134 and 137 explain how to sync things together.
I don't have the current update from the website but I will download it this weekend. By all means, get a sequencer program for your computer if you don't have one, or buy an inexpensive hardware sequencer. Synths with onboard sequencers work too.
Good Luck