I was playing survival after updating when I placed a 4 layered beacon with Diamond blocks for the bottom middle and top layers. When I right clicked the beacon I selected Jump speed II as my powerup and inserted a diamond. The beacon then gave me speed I instead of speed II and did not give me the regeneration effect. Finding this odd I tried each of the other powerups and none of them were able to provide anything other than a level 1 powerup.
This problem did not effect beacons from older versions of the game, only newly created beacons.

I was expecting the beacon to give me speed II and regeneration because it was what I had selected.

The beacon gave me speed I only and didn't give me regeneration

Steps to reproduce:
1. create a 9x9 diamond block layer,
2. create a 7x7 diamod layer
3. create a 5x5 diamond layer on top of the 7x7 diamond block layer
4. create a 3x3 diamond block layer on top of the 5x5 diamond block layer
5. place a beacon over the center of the top layer
6. right click the beacon
7. select any powerup and insert a diamond, confirm your powerup
8. exit the beacon GUI and open inventory
9. The active effects will show you that you are receiving a lvl 1 upgrade whilst the beacon will show you have a lvl 2 upgrade and you will not be given a regenerative effect