Playing a live stream, and trying to use playback equalizer from enhancement menu box, the equalizer only activates for 2 seconds, then playback returns to a flat curve. Also, if VLC playback is stopped and restarted the curve is returned to flat (or default).
In the preferences, the default curve needs another value - custom, which allows the user to manually adjust the curve to their liking. In enhancements dialog, you need a "save" switch at the bottom (aka apply), which will save the users curve (and video enhancement, if applicable).