I can confirm that downgrading to version 15.05 from 15.05.1 will allow the router to save configuration settings. Thanks bengal571!
[ 0.000000] Linux version 3.18.20 (buildbot@builder1) (gcc version 4.8.3 (OpenWrt/Linaro GCC 4.8-2014.04 r46450) ) #1 Fri Sep 4 21:55:57 CEST 2015
[ 0.000000] MyLoader: sysp=5a255faa, boardp=ffcd7faf, parts=5a355fba
[ 0.000000] bootconsole [early0] enabled
[ 0.000000] CPU0 revision is: 00019374 (MIPS 24Kc)
[ 0.000000] SoC: Atheros AR7240 rev 2
[ 0.000000] Determined physical RAM map:
[ 0.000000] memory: 02000000 @ 00000000 (usable)
[ 0.000000] Initrd not found or empty - disabling initrd
[ 0.000000] Zone ranges:
[ 0.000000] Normal [mem 0x00000000-0x01ffffff]
[ 0.000000] Movable zone start for each node
[ 0.000000] Early memory node ranges
[ 0.000000] node 0: [mem 0x00000000-0x01ffffff]
[ 0.000000] Initmem setup node 0 [mem 0x00000000-0x01ffffff]
[ 0.000000] On node 0 totalpages: 8192
[ 0.000000] free_area_init_node: node 0, pgdat 8034e2b0, node_mem_map 81000000
[ 0.000000] Normal zone: 64 pages used for memmap
[ 0.000000] Normal zone: 0 pages reserved
[ 0.000000] Normal zone: 8192 pages, LIFO batch:0
[ 0.000000] Primary instruction cache 64kB, VIPT, 4-way, linesize 32 bytes.
[ 0.000000] Primary data cache 32kB, 4-way, VIPT, cache aliases, linesize 32 bytes
[ 0.000000] pcpu-alloc: s0 r0 d32768 u32768 alloc=1*32768
[ 0.000000] pcpu-alloc: [0] 0
[ 0.000000] Built 1 zonelists in Zone order, mobility grouping on. Total pages: 8128
[ 0.000000] Kernel command line: board=WNR612V2 console=ttyS0,115200 mtdparts=spi0.0:256k(u-boot)ro,64k(u-boot-env)ro,3712k(firmware),64k(art)ro rootfstype=squashfs,jffs2 noinitrd
[ 0.000000] PID hash table entries: 128 (order: -3, 512 bytes)
[ 0.000000] Dentry cache hash table entries: 4096 (order: 2, 16384 bytes)
[ 0.000000] Inode-cache hash table entries: 2048 (order: 1, 8192 bytes)
[ 0.000000] Writing ErrCtl register=00000000
[ 0.000000] Readback ErrCtl register=00000000
[ 0.000000] Memory: 28516K/32768K available (2621K kernel code, 129K rwdata, 344K rodata, 224K init, 194K bss, 4252K reserved)
[ 0.000000] SLUB: HWalign=32, Order=0-3, MinObjects=0, CPUs=1, Nodes=1
[ 0.000000] NR_IRQS:51
[ 0.000000] Clocks: CPU:400.000MHz, DDR:400.000MHz, AHB:200.000MHz, Ref:5.000MHz
[ 0.000000] Calibrating delay loop... 265.42 BogoMIPS (lpj=1327104)
[ 0.080000] pid_max: default: 32768 minimum: 301
[ 0.080000] Mount-cache hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.090000] Mountpoint-cache hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.100000] NET: Registered protocol family 16
[ 0.100000] MIPS: machine is NETGEAR WNR612 V2
[ 0.550000] registering PCI controller with io_map_base unset
[ 0.560000] PCI host bridge to bus 0000:00
[ 0.570000] pci_bus 0000:00: root bus resource [mem 0x10000000-0x13ffffff]
[ 0.570000] pci_bus 0000:00: root bus resource [io 0x0000]
[ 0.580000] pci_bus 0000:00: No busn resource found for root bus, will use [bus 00-ff]
[ 0.580000] pci 0000:00:00.0: [168c:002b] type 00 class 0x028000
[ 0.580000] pci 0000:00:00.0: fixup device configuration
[ 0.590000] pci 0000:00:00.0: reg 0x10: [mem 0x00000000-0x0000ffff 64bit]
[ 0.590000] pci 0000:00:00.0: supports D1
[ 0.590000] pci 0000:00:00.0: PME# supported from D0 D1 D3hot
[ 0.590000] pci_bus 0000:00: busn_res: [bus 00-ff] end is updated to 00
[ 0.590000] pci 0000:00:00.0: BAR 0: assigned [mem 0x10000000-0x1000ffff 64bit]
[ 0.590000] pci 0000:00:00.0: using irq 40 for pin 1
[ 0.600000] Switched to clocksource MIPS
[ 0.600000] NET: Registered protocol family 2
[ 0.610000] TCP established hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.610000] TCP bind hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.620000] TCP: Hash tables configured (established 1024 bind 1024)
[ 0.630000] TCP: reno registered
[ 0.630000] UDP hash table entries: 256 (order: 0, 4096 bytes)
[ 0.630000] UDP-Lite hash table entries: 256 (order: 0, 4096 bytes)
[ 0.640000] NET: Registered protocol family 1
[ 0.650000] PCI: CLS 0 bytes, default 32
[ 0.650000] futex hash table entries: 256 (order: -1, 3072 bytes)
[ 0.660000] squashfs: version 4.0 (2009/01/31) Phillip Lougher
[ 0.670000] jffs2: version 2.2 (NAND) (SUMMARY) (LZMA) (RTIME) (CMODE_PRIORITY) (c) 2001-2006 Red Hat, Inc.
[ 0.680000] msgmni has been set to 55
[ 0.680000] io scheduler noop registered
[ 0.690000] io scheduler deadline registered (default)
[ 0.690000] Serial: 8250/16550 driver, 16 ports, IRQ sharing enabled
[ 0.700000] console [ttyS0] disabled
[ 0.730000] serial8250.0: ttyS0 at MMIO 0x18020000 (irq = 11, base_baud = 12500000) is a 16550A
[ 0.740000] console [ttyS0] enabled
[ 0.740000] bootconsole [early0] disabled
[ 0.750000] m25p80 spi0.0: found mx25l3205d, expected m25p80
[ 0.760000] m25p80 spi0.0: mx25l3205d (4096 Kbytes)
[ 0.760000] 4 cmdlinepart partitions found on MTD device spi0.0
[ 0.770000] Creating 4 MTD partitions on "spi0.0":
[ 0.770000] 0x000000000000-0x000000040000 : "u-boot"
[ 0.780000] 0x000000040000-0x000000050000 : "u-boot-env"
[ 0.790000] 0x000000050000-0x0000003f0000 : "firmware"
[ 0.800000] 2 netgear-fw partitions found on MTD device firmware
[ 0.800000] 0x000000050000-0x00000015e440 : "kernel"
[ 0.810000] 0x00000015e440-0x0000003f0000 : "rootfs"
[ 0.820000] mtd: device 4 (rootfs) set to be root filesystem
[ 0.820000] 1 squashfs-split partitions found on MTD device rootfs
[ 0.830000] 0x000000390000-0x0000003f0000 : "rootfs_data"
[ 0.830000] 0x0000003f0000-0x000000400000 : "art"
[ 0.880000] libphy: ag71xx_mdio: probed
[ 1.480000] ag71xx ag71xx.0: connected to PHY at ag71xx-mdio.0:04 [uid=004dd041, driver=Generic PHY]
[ 1.490000] eth0: Atheros AG71xx at 0xb9000000, irq 4, mode:MII
[ 2.080000] ag71xx-mdio.0: Found an AR7240/AR9330 built-in switch
[ 2.120000] eth1: Atheros AG71xx at 0xba000000, irq 5, mode:GMII
[ 2.130000] TCP: cubic registered
[ 2.130000] NET: Registered protocol family 17
[ 2.130000] bridge: automatic filtering via arp/ip/ip6tables has been deprecated. Update your scripts to load br_netfilter if you need this.
[ 2.150000] Bridge firewalling registered
[ 2.150000] 8021q: 802.1Q VLAN Support v1.8
[ 2.160000] VFS: Mounted root (squashfs filesystem) readonly on device 31:4.
[ 2.170000] Freeing unused kernel memory: 224K (80368000 - 803a0000)
[ 3.470000] init: Console is alive
[ 3.470000] init: - watchdog -
[ 5.090000] usbcore: registered new interface driver usbfs
[ 5.090000] usbcore: registered new interface driver hub
[ 5.100000] usbcore: registered new device driver usb
[ 5.110000] ehci_hcd: USB 2.0 'Enhanced' Host Controller (EHCI) Driver
[ 5.120000] ehci-platform: EHCI generic platform driver
[ 5.120000] ohci_hcd: USB 1.1 'Open' Host Controller (OHCI) Driver
[ 5.130000] ohci-platform: OHCI generic platform driver
[ 5.580000] init: - preinit -
[ 6.320000] random: procd urandom read with 10 bits of entropy available
[ 8.380000] eth1: link up (1000Mbps/Full duplex)
[ 9.680000] mount_root: no usable overlay filesystem found, using tmpfs overlay
[ 9.730000] eth1: link down
[ 9.740000] procd: - early -
[ 9.750000] procd: - watchdog -
[ 10.420000] procd: - ubus -
[ 11.440000] procd: - init -
[ 12.400000] NET: Registered protocol family 10
[ 12.420000] ip6_tables: (C) 2000-2006 Netfilter Core Team
[ 12.440000] Loading modules backported from Linux version master-2015-03-09-0-g141f155
[ 12.450000] Backport generated by backports.git backports-20150129-0-gdd4a670
[ 12.460000] ip_tables: (C) 2000-2006 Netfilter Core Team
[ 12.470000] nf_conntrack version 0.5.0 (449 buckets, 1796 max)
[ 12.520000] xt_time: kernel timezone is -0000
[ 12.550000] cfg80211: Calling CRDA to update world regulatory domain
[ 12.580000] cfg80211: World regulatory domain updated:
[ 12.580000] cfg80211: DFS Master region: unset
[ 12.590000] cfg80211: (start_freq - end_freq @ bandwidth), (max_antenna_gain, max_eirp), (dfs_cac_time)
[ 12.600000] cfg80211: (2402000 KHz - 2472000 KHz @ 40000 KHz), (N/A, 2000 mBm), (N/A)
[ 12.600000] cfg80211: (2457000 KHz - 2482000 KHz @ 40000 KHz), (N/A, 2000 mBm), (N/A)
[ 12.610000] cfg80211: (2474000 KHz - 2494000 KHz @ 20000 KHz), (N/A, 2000 mBm), (N/A)
[ 12.620000] cfg80211: (5170000 KHz - 5250000 KHz @ 80000 KHz), (N/A, 2000 mBm), (N/A)
[ 12.630000] cfg80211: (5250000 KHz - 5330000 KHz @ 80000 KHz, 160000 KHz AUTO), (N/A, 2000 mBm), (0 s)
[ 12.640000] cfg80211: (5490000 KHz - 5730000 KHz @ 160000 KHz), (N/A, 2000 mBm), (0 s)
[ 12.650000] cfg80211: (5735000 KHz - 5835000 KHz @ 80000 KHz), (N/A, 2000 mBm), (N/A)
[ 12.650000] cfg80211: (57240000 KHz - 63720000 KHz @ 2160000 KHz), (N/A, 0 mBm), (N/A)
[ 12.740000] PPP generic driver version 2.4.2
[ 12.740000] NET: Registered protocol family 24
[ 12.800000] PCI: Enabling device 0000:00:00.0 (0000 -> 0002)
[ 12.810000] ath: phy0: Enable LNA combining
[ 12.810000] ath: phy0: eeprom contains invalid mac address: ff:ff:ff:ff:ff:ff
[ 12.820000] ath: phy0: random mac address will be used: e2:85:ac:fd:27:66
[ 12.830000] ath: EEPROM regdomain: 0x0
[ 12.830000] ath: EEPROM indicates default country code should be used
[ 12.830000] ath: doing EEPROM country->regdmn map search
[ 12.830000] ath: country maps to regdmn code: 0x3a
[ 12.830000] ath: Country alpha2 being used: US
[ 12.830000] ath: Regpair used: 0x3a
[ 12.840000] ieee80211 phy0: Selected rate control algorithm 'minstrel_ht'
[ 12.850000] ieee80211 phy0: Atheros AR9285 Rev:2 mem=0xb0000000, irq=40
[ 12.860000] cfg80211: Calling CRDA for country: US
[ 12.860000] cfg80211: Regulatory domain changed to country: US
[ 12.870000] cfg80211: DFS Master region: FCC
[ 12.870000] cfg80211: (start_freq - end_freq @ bandwidth), (max_antenna_gain, max_eirp), (dfs_cac_time)
[ 12.880000] cfg80211: (2402000 KHz - 2472000 KHz @ 40000 KHz), (N/A, 3000 mBm), (N/A)
[ 12.890000] cfg80211: (5170000 KHz - 5250000 KHz @ 80000 KHz, 160000 KHz AUTO), (N/A, 1700 mBm), (N/A)
[ 12.900000] cfg80211: (5250000 KHz - 5330000 KHz @ 80000 KHz, 160000 KHz AUTO), (N/A, 2300 mBm), (0 s)
[ 12.910000] cfg80211: (5735000 KHz - 5835000 KHz @ 80000 KHz), (N/A, 3000 mBm), (N/A)
[ 12.920000] cfg80211: (57240000 KHz - 63720000 KHz @ 2160000 KHz), (N/A, 4000 mBm), (N/A)
[ 23.290000] jffs2: notice: (965) jffs2_build_xattr_subsystem: complete building xattr subsystem, 0 of xdatum (0 unchecked, 0 orphan) and 0 of xref (0 dead, 0 orphan) found.
[ 26.300000] device eth1 entered promiscuous mode
[ 26.340000] IPv6: ADDRCONF(NETDEV_UP): br-lan: link is not ready
[ 26.420000] IPv6: ADDRCONF(NETDEV_UP): eth0: link is not ready
[ 28.400000] eth1: link up (1000Mbps/Full duplex)
[ 28.400000] br-lan: port 1(eth1) entered forwarding state
[ 28.410000] br-lan: port 1(eth1) entered forwarding state
[ 28.430000] IPv6: ADDRCONF(NETDEV_CHANGE): br-lan: link becomes ready
[ 30.410000] br-lan: port 1(eth1) entered forwarding state
[ 71.750000] random: nonblocking pool is initialized