Like in many modern operating systems, the mouse pointer disappears while typing to prevent it from blocking text while doing so and to reduce confusion of where the cursor actually is.
You can set the Mighty Mouse to do pretty much whatever you want. There's some good settings in the Apple System Preferences Mouse section, but if that isn't enough for you there's an application called Steer Mouse that goes far more indepth. A lot of people complain about the maximum tracking speed in OS X being a bit slower than say XP or Vista. Steer Mouse will help you to exceed the inbuilt OS X settings on a lot of things to do with the Mighty Mouse. http://plentycom.jp/en/steermouse/
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