I have an IBM M122 Keyboard and I tried to do the conversion to USB using an Arduino Pro Micro 5V 16mhz. First I soldered the pins correctly to PD0 (data), PD1 (clock), GND and VCC as Soarer and Hasu indicates. Then I flashed the Arduino with Soarer's firmware and next I uploaded the keymap, just like Soarer suggests.
When I connected the keyboard to my computer, It doesn't recognizes any key. I opened the HID listen and nothing.
So, I downloaded the Hasu's firmware, I flashed the Arduino again with the corresponding keymap and now, when I connect the keyboard to the computer I can see in the HID listen a scancode, with code "wFF". But nothing again, the keyboard just doesn't work. I saw in the Hasu's firmware that that code represents a "Reset" response from the keyboard logic board:

As you can see in the following image, the Hasu's firmware is recognized by Windows:

Some notes:
1) All DIP switches are Open (low). I tried with all low, all high and 8th switch high only and nothing.
2) The cables are well soldered.
Any ideas guys? Thanks!