I've installed version 0.2 alpha revision r112209.
I created a group called "New emails". I set it to watch a property.
In my user preferences Semantic watchlist tab, the groups to watch list shows:
<swl-prefs--label> next to the tick box.
Also, when ticked, my Semantic watchlist remains empty - it says "You have no items on your semantic watchlist."
I think it's bust :(