Are you running WoW in OpenGL mode? If you are passing the -opengl flag, or have gxApi "opengl" in your Config.wtf file then you're in OpenGL mode. The windows OpenGL engine for WoW does not support the new graphics features added in the 4.0.1 patch (new liquid engine and sunshafts), so you will not be able to change those settings beyond low/disabled. The "one knob" slider will also be all red and unable to move past low, although you should be able to individually set some items such as view distance as high as you like.
