When nothing is playing, I can hit the down arrow to get to the Settings menu. If a program is playing (there is a box bottom left showing the program) I cannot down arrow to the program but cannot access Settings (nor down then right). If you view the program, press stop, move back to the RTVHD strip, then down, I can access the Settings menu.
Side note: It always seems strange to me to access the "set up menu" aka Settings to view, add, and modify upcoming recordings and series setting. It seems like these things should be placed in another menu...YMWV