Ok, there is something wrong here.
Here's what I'm doing:

• selecting my character in the object window
• clicking on Edit all Materials
• clicking save in the lower right corner of the advanced material editor
• it brings up a Save As dialog box with the file name of 72 materials.mat
• I save it but when it comes to reload it nothing reloads - then I look at the file size of 72 materials.mat and it is only 11KB so something is not right here, correct? It has to be
  much larger than that I would think.