I have tested this in SP24 and it's the same with me.
I have done some thinking and i have some information and questions:
First of all when you use the update functionality you want to update some. So the field will always be "set to" because you want to "set the value to ..".
Can you maybe tell which function you want to use (from the drop down menu) then i can look for a workaround for you.
I think this function is made more changeable then before. Before you have only a drop down box with value, now you have separated screen when you can define multiple options. (See the attached screen shot).
So i think this functionality has only be improved and extended by HP.