yes, this is a bug.. admin/view_subscriptions.php had a crazy 1 link per page fubar..

line 215 thru 222 should be (at least this worked for me)

PHP Code
if ($page == 1) {
	$limit = "LIMIT 25";
} else {
	$limit = "LIMIT " . (($page - 1) * 25) . ",25";
} // end if

// Setup the pages
$totalpages = ceil($total_rows / 25);

the '25' means 25 per page.. it WAS just 1 for some reason eek

also: even though this is a 7.5.4.2 release ($version in ubbthreads.inc.php), the files themselves have 7.5.4.1 in them..