Christopher,
I take it you were entering your new Key after a Licence Renewal. This is a new one to me. I have certainly never come across this problem before. Normally when you enter the licence key on the Configure Screen and press 'Save' at the bottom, PAW will simply save the key. What is presumably happening in your case is that your PAW is saving the licence Key as part of the individual profile and when you select a different profile it is bringing the old Key back in with the 'Cached' Profile. I take it your PAW then reports 'Licence Expired' for that profile - is that correct? If this is the case, we need to get Lee to take a look at this.
Thanks for letting us know.
Regards
Peter