Index: sites/all/modules/contrib/video/video.field.inc
===================================================================
--- sites/all/modules/contrib/video/video.field.inc	(revision 239)
+++ sites/all/modules/contrib/video/video.field.inc	(working copy)
@@ -840,6 +840,7 @@
         '#type' => 'checkbox',
         '#title' => t('Convert video on save'),
         '#default_value' => variable_get('video_convert_on_save', FALSE),
+        '#value' => variable_get('video_convert_on_save', FALSE),
         '#description' => t('This will convert your video on save, instead of scheduling it for cron.'),
         '#attributes' => array('class' => array('video-convert-video-on-save')),
       );