I'm experiencing the same problem with my AC 7260. The Bluetooth does not work, I have tried the Generic Windowd driver, BT_3.1.1311_e164 and BT_3.1.1309_e164 but the problem persists.
I bought the card and installed it in my MSI GE60-0ND (Windows 8.1) with no problems, wifi works very well both 2,4Ghz and 5Ghz.
When using the Generic driver and 1311/1309 the Bluetooth icon will be normal for a brief moment in Device Manager but after few seconds it'll sport that shiny yellow ! triangle we all love. This happens when I turn on/off Bluetooth using a software from MSI. - Note the only hardware change is under "Bluetooth" - Nothing else gets changed (I would have thought Bluetooth would also appear under Network Adapters).
I have spent quite some time reading these forums and battled google for days trying to find a solution but after all this time I can only say that A LOT of people are having this problem.
Given how many people are experiencing the same bluetooth problems it just HAS to be driver issues. I hope intel are working to fix this....