It's been awhile since I used them, but the two predefined presets "Replace repeating spaces" and "Replace underlines with spaces" both seem to be missing the required actual space-character (for replacement) in their definitions - resulting in either all spaces being removed, or all underlines being simply stripped (not replaced). I tested with a fresh install of the most recent version's ASR Presets folder.
I know these presets used to work properly, so something might have broken when you revamped the preset-installing procedure recently? The oldest xml's I have from backup are only from mid January (they're bad too), so the definitions might have been corrupted for awhile.
Edit: Actually, this is odd - if I "fix" the preset by copying it and editing back in the necessary space character, the preset works, and if saved will continue to work unless MB itself is restarted, at which point the preset fails because the "fixed" space character is gone from the definition again!