CycleOps changed the tension method this year replacing a round knob with a yellow lever. Both models set up the same until you tighten the resistance unit to the wheel (rotating the lever clockwise). With the new style you simply close the lever while the old model you continue to tighten the knob another 2-2˝ turns to insure proper contact and no slipping. If slipping still occurs tighten the unit some more.
Most fluid trainers progressively increase resistance with speed. At low wheel speed the resistance is far less than at higher speeds. According to the Saris FAQ page on the Fluid˛
http://www.saris.com/t-cycleOpsFAQ.aspx, the Fluid˛ can increase resistance to something like 2000 watts in a sprint. Perhaps there is something wrong with your unit or the way it is put together. Or, perhaps, your increased speed was not fast enough to generate resistance.