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Hmm! Where? I have 1 in preferences and 1 shows up when I play a video and right click on the video. There is also 1 that shows up in the Video pull down in wxWidgets (default interface).
The only thing I can think of is that I have both 0.8.5 and 0.8.6 on my system and as you know they share the same preferences file. When I go to 0.8.6 the preferences are updated and it takes longer to open. The issue does not show up until the second time you open VLC 0.8.6 and initially I didn't know where only what I was looking for.
In any event, now it does show the issue, but it will take a Dev to correct it.