Here are additional info if it could help to answer my question:
installation was done from: iControlSnapInSetup_37.msi
OS: Windows 7 SP1 64bit
I did launch the PS "run as admin"
PS C:\Program Files (x86)\F5 Networks\iControlSnapIn> $Host
Name : Windows PowerShell ISE Host
Version : 3.0
InstanceId : 67fbb709-fdbc-474d-a76d-84935950bdbb
UI : System.Management.Automation.Internal.Host.InternalHostUserInterface
CurrentCulture : en-US
CurrentUICulture : en-US
PrivateData : Microsoft.PowerShell.Host.ISE.ISEOptions
IsRunspacePushed : False
Runspace : System.Management.Automation.Runspaces.LocalRunspace
However, if I installed from icontrolsnapinsetup.msi, I don't have any issue. Is iControlSnapInSetup_37.msi the latest?????