The "AQM" tab in the web tab is not hooked up to anything useful right now.
However, Openwrt has incorporated fq_codel into their qos-scripts (the "QoS" tab on the configuration gui), and if you measure and then set your soft bandwidth limits by using that instead, you should see a marked difference in bloat and and vast improvement in responsiveness on your upstream link.
(and, as fq_codel is now the default qos-scripts qdisc, it's now usable in all of the platforms openwrt supports)
We have been busy at lower levels (making codel and fq_codel perform
better) in multiple simulations (see http://www.bufferbloat.net/projects/codel/wiki for links to ns2, ns3 code). Once the sim and kernel code shapes up a little more, I hope to return to either improving openwrt's basic qos or moving forward with the aqm design.