No not at all. I just wiped the settings and Configured S3, tested S3 Settings, configured the schedule with 8 Hours and 42 retained copies, and finally saved my settings and the backup is running right now.
I am Suspecting 2 things: 1st Dropbox, 2nd I just finished a new settings and saved everything at one shot, meaning, It seems (not sure though) If I configure the backup at every 4 hours and changed anything the settings later on it breaks and start to show me the error again "Abort this run: the backup_time parameter appears to be empty..."
Right now it's running with S3 every 8 hours and it should retain 42 copies, let's what happened. What is driving me nuts, that it seems to be a dynamic issue.