You're right, thank you!
Digging in the materials tab got the right one, which works.

Hmm, so it does...
Is this for a special reason? Not affecting locked strips would be much more useful. As it is now you can't use the two of them together in any meaningful way (That I can see)

Yes, because it's the exact same bug as this that is said to be fixed, that is the rational thing to do.

This is still broken.
Bitrate still has effect on H.264 Lossless rendering.

That is what I don't know... I just found it to be broken, not sure how and when it happened.

The problem is that you can't set the value back by scroll wheel when stuck in inf. The value doesn't change by scroll wheel or PgUp/PgDn.
It is stuck at 340282346638528859811704183484516925440.0 (As I get when clicking the inf value in the Proportional Value box in the T-panel)

I get this from time to time, most recently just now. Blender 2.73a
Scroll doesn't work, the Proportional Value in the info bar stays at inf.

Thank you!