We just released a new WatchDirectory beta for version 4.5.9.
See this forum post for the download link.
The beta has one bugfix and one new feature.
The plugin to "launch programs" did not set the WD_REASON variable for new folders properly (it was set to DIREW instead of DIRNEW). This has been fixed - thanks for reporting this, Mark.
A new feature in the WD Control Center allows you to Find (and select) tasks. Use CTRL+F (or the View -> Find menu) to find tasks. This can be very helpful if you have a lot of tasks to manage.