I'm playing around with it now. When I turn it off, it doesn't seem to remember my settings.
BUT, it appears to have taken care of that bizarre backlight issue I was having before (where the backlight was staying on long after it was set to turn off for clipping). Now, when I clip, the backlight flashes on for 5 seconds, just as it is set to do. So this is great news for me!
I'll be playing around with this over the next few days, and will report back. I'm curious to see if I will get any difference in record time recording in wave, versus recording in wavpack.
I love rockbox, and am extremely grateful to all of the rockbox developers.