(Converting Ulrike's comments to an answer)
Assuming that you did run initexmf and updmap without the --admin key: Update the FNDB with initexmf -u, run updmap --verbose then try again your font. If it doesn't work: Check which pdftex.map updmap writes. Check if this it the map file your document use (see end of the log-file). Check if this pdftex.map contains the entries of your map.
Explanation
You have a multi user installation with an admin and a user mode. And in contrast to the widespread prejudice the admin mode is not the more powerful. In general, user settings (packages, configurations, map files, texmf trees, ...) take precedence over the default settings from the admin. What you do in user mode will normally work directly and without problems - but only for this user. What you do in admin mode will work for all user - as long as they don't have personal settings. See for more in Difference between administrative and user mode of MiKTeX.
Note
Exactly the same happens on Unix systems. Running updmap and not updmap-sys (with superuser privileges) will leave a pdftex.map in the user space that will have precedence over the system wide one. This may have undesirable effects in case of an update to the distribution that changes the font subsystem.
Example
(from http://docs.miktex.org/manual/advanced.html, using problem cited in Font display error in windows, which produces the error The mathkerncmssi source file could not be found.)
Run initexmf --edit-config-file updmap.
Insert the following line at the end of the file (relevant to the font in question):
Map sansmathaccent.map
Save the file and close the editor.
Run initexmf --mkmaps to rebuild the font map files.
For a general guidance see Manual font installation.
texmf/fonts/map/dvips/mymap.map(and also belowpdftex/mymap.map). – topskip Jul 06 '11 at 12:31kpsewhich mymap.mapfinds the file? – Jul 06 '11 at 12:33initexmf -u. Run againupdmap --verbose. Try again your font. If it doesn't work: Check which pdftex.map updmap writes. Check if this it the map file your document use (see end of the log-file). Check if this pdftex.map contains the entries of your map. – Ulrike Fischer Jul 06 '11 at 12:35updmap-sys --enable Map=mymap.map– Jul 06 '11 at 12:52initexmf -ubefore (but clicked on the update filename database in the miktex settings (admin)). I am slightly confused, I have to admit. – topskip Jul 06 '11 at 12:54initexmf --admin --edit-config-file updmap.cfgandupdmap --admin --verboseand now it works. Strange. – topskip Jul 06 '11 at 13:23