Quality Settings working?

Hey guys, I am trying to use Quality Settings to reduce my texture size. It appears to be working somewhat, GetQualitySettings() returns 0, but it appears only some of my textures are affected. Is there a specific setting I should be using on my textures to confirm they can be reduced? Also, when I use this setting (half- or quarter-resolution), does it actually reduce the memory footprint, or just the display resolution? The purpose of this is to reduce memory usage, not optimize graphics performance.

I am on 3.5.1 Pro.

I was having the same problem. Make sure you have Generate Mip Maps checked.