OK, so there are 4 ticks. Do you have the words 'replies & moderation' highlighted in the last box on that page?
I just had a fiddle with the nofify button to understand where you are coming from em and mine said the same thing. I then right clicked on the 'Notify' button, clicked on 'Open link' (this will just take you back to this thread). Left click on "notify' again and it will ask you if you are sure you wish to enable notification of new replies for this topic. Click OK. It is worth a try (bumping the computer's memory) but if you still don't get any email notifications I would then direct the question at MM with the info you have given us and see if he can work it out for you.