First you tick the box to open the advanced graphics options. Once you've adjusted the values to the ones you desire and then click apply, then tick hide them again, the values reset. Or in the case of the max lights per object value, if you set it to anything else but two, then close the advanced options. When you then open them again, the number of lights you set is still represented in the number on the right of the slider, but the slider itself has been reset to 2.
Whether some of this is intentional, it still is odd to see it happen. Still, the issues are, all things considered, fairly minor and everything should work as you set it as long as you don't tick off the "show advanced graphics" box.