First, a bug: when you click Clear Settings in ACR 7.1rc (Mac version, at least), the Edit menu highlighting stays on after the operation is complete.
Second, Clear Settings in ACR 7, when applied to DNGs that have had settings made in earlier versions of ACR, are not cleared. Only the additional settings made in ACR 7 are cleared.
This latter may be intended. But, if so, it would be useful to have an additional menu item that Clears All Settings.
Edit: Indeed, I notice that several items leave the menu highlights stuck on. For instance, if one looks at the Camera Raw Preferences, the Adobe Bridge CS6 menu item remains highlighted even after you dismiss the preference pane.
Edit_2: The Clear Settings now seems to be working. I guess, perhaps, it took Bridge some time to update its cache. It certainly wasn't working right after installation.
But the various menu highlights still do not turn off when they should, as reported above.
It seems the menu on/off logic needs a rather general cleaning up.