I think I'm beginning to understand… If you're in Preset Lists, when you add a preset to a list, the preset list makes it's own local copy of the preset, and that's what the L means. That it's the preset lists local copy of the preset. You should be able to change the local copy of the preset in the preset list without any problems, but any changes you make to the local copy of the preset won't show up in other preset lists… You can copy a preset out of the list back to your user presets though by selecting it, clicking the more button, and clicking the "Copy to user presets" button. This will copy the preset back into the user section, and allow you to pull it into other lists, but it can lead you to have multiple copies of the same preset.
If you're making changes to a preset and want to use that preset in multiple lists, ideally you would do that under the Presets section and would work on the user version of the preset. And you'd pull that into your list. But there's a bug in the v1.3.2 where if you already have added a preset to your preset list if you make some changes to it the list won't pull in the new preset. You have to rename it to get the list to take it. (This is fixed in the coming release though.)
I explained the different places that presets are saved in this post: http://forum.eventide.com/cs/forums/p/8860/39809.aspx#39809
I still don't know if I've ever seen quite the behavior you've described, but maybe, understanding this preset stuff a bit better will help you figure out what's going wrong for you.
