Ok, I just figured out how to fix it. For anyone else having the same problem (Nero only thinking your CD Writer can go to 24x or any other speed for that matter):
Q30
Why Nero recording software only allow me to chose 8X or 16X speed after I upgraded to your latest F/W?
A30
With the F/W upgrade, your current Nero version may not recognized your drive as high speed recording device. You may solve your problem by doing the following:
1).Start your Nero application
2).Place blank disc in the drive (You must use a media certified to support your drive?s maximum recording speed. i.e.: you need a 40X media for your LTR-40125S drive)
3).In Nero, click on file -> preference, select Cache tab, then select test all drive speeds. Or simply go to disc copy menu, under the copy tap, check the dirve?s maximum speed. This way, Nero will understand your drives? maximum performance, and allow to choose that speed in the future
(Note: * Nero Ver. 5.5.5.6 or later do NOT support writing speed below 8X. If you have chose ?high speed?option during installation, then your choice will only start from 8X. ** If the above step did NOT solve your problem, then you will need to un-install Nero, remove Nero directly manually from Windows Explorer and reinstall Nero.)
In case anyone didn't catch that: Go to File --> Preferences -- > Cache, and hit the "Test all drive speeds" button. For this to work you MUST have a blank CD-R in your drive that is capable of being recorded at your writer's max speed.