Unable change path to FFMPEG executable

The path to my FFMPEG in my box is in /usr/local/bin/ffmpeg.

I tried changing this in the "Path to Transcoder Executables", but after saving it reverts it back to the default path that came with the module

/usr/bin/ffmpeg

In order to get around this I had to first switch the Video Transcoder option to PHP Video Toolkit (FFMPEG) , change the path there, save, the reset the check box to "Locally Installed Transcoders (FFMPEG/Handbreke/Mcoder)" , then save again.

Looks like a bug. Yes?