SOLVED:Acer sent me a EFI/BIOS Version 1.07 which fixed the DEP issue however no ability to activate switch able graphics was provided and 256MB is still being mysteriously eaten up by Intel HD Graphics.
It is officially out now in Acer Support Site so download from there directly.
Yes Use XD Capability [Enable/Disable Processor XD Capability]
Add 1 more bug to the mix:
Acer if you are reading this and is sorry about the surprises you sprang please enable the Intel HD Switchable Graphics in the BIOS as an Apology to all AS4740 owners. I know it is there.
Either you remove Intel HD Graphics Memory reserve or you enable Switchable.
The Switchable Graphics Capability is as shown in the EFI firmware:
Set Display Mode Configure Type Integrated Graphics Discrete Graphcis Switchable Graphics