On the 'Info' tab of each page it lists the permissions set on that page and it's parent. When reporting on it's parents, it looks like this:

Restrictions from parent pages:
[Page Name] - only [username] can edit this page.

The confusion arises from the "Restrictions from parent pages" text. It gives the impression that the restrictions applying to the parent page are also applying to this page. This does not actually appear to hapen. So either there is a problem with permissions, or the text should be changed to something like "Restrictions that apply to parent pages:"

Actually, I'm not even sure why this is useful information. If permissions don't apply down the page tree, why do I care what the permissions are on my parent pages? It has absolutely no effect on the page I'm viewing...