My bad, didn't notice (in due time). I see
[5/20/2013 5:48:31 PM] No CGMiner instance found., but from what I can tell it's more than that, maybe the author can help you out, I'm just taking guesses. Tho, if you run cgminer externally, then wait a few and Refresh the Status tab, there's nothing? Or in devices?
L.E. To your edit, there isn't a default folder for cgminer to my knowledge... why it would be grayed out I don't know.

If you "Manage Profiles", and create a new one, still grayed out?
As we know already I have two cards and two separate folders of cgminer while trying to use the -d dedicated miner argument with two different pools and conf files. Presently being launched by two different bat files. As to why is a long story.
However the section where you can assign the directory where to find the cgminer program is actually greyed out. I'm guessing because it does not see my cards so it does not even bother to continue with inputting that information. Very strange I made it down to the 2nd page of this thread and everyone seems to be using it with out a problem so I know its got to be with my computer or something.
Yet I have been mining for about 2 months now so I'm pretty sure I have the video cards- jokes lol
So Cgwatcher is basically a god sent imo.
CGWatcher information:
CGWatcher start time............. 5/20/2013 6:32:56 PM
CGWatcher version................ 1.1.4.1
Active profile................... Default
Current monitor start time....... 5/20/2013 6:32:56 PM
Monitor duration................. 60 sec
Checks performed................. 6
Restarts performed............... 0
Last restart reason..............
Last Mining Session:
Miner............................ CGMiner
Version..........................
API version......................
Arguments........................
Config file......................
Miner is running................. False
Miner start time................. 12:00:00 AM
Miner stop time.................. N/A
Mining duration.................. 0 sec
Current total hashrate........... 0 Kh/s
Current average hashrate......... 0 Kh/s
Accepted shares.................. 0
Rejected shares.................. 0
Stale shares..................... 0
Discarded work................... 0
Hash Method...................... SHA256
Current Block Time............... 0
Current Block Hash...............
Current Block Difficulty......... 0
LongPoll......................... False
Profile Information:
Active Profile................... Default
Config file......................
Arguments........................ --api-listen --api-allow W:127.0.0.1
Real arguments................... --api-listen --api-allow W:127.0.0.1
Network statistics: (all pools)
Times Sent....................... 0
Bytes Sent....................... 0
Times Received................... 0
Bytes Received................... 0
Net Bytes Sent................... 0
Net Bytes Received............... 0
This information was last updated: 5/20/2013 6:33:57 PM
-----------------------------------------------------------------------------------------------------------------------
Debug Information:
Operating system................. Microsoft Windows 7 Ultimate 6.1.7601.65536
GPUs............................. 0
Pools............................ 0
Miner Process ID................. 0
Miner startup grace period....... 3 min
Has API access................... False
Had API access to process........ False
Has full API access.............. False
Had full API access to process... False
User last stopped miner.......... False
Last (a/r/s) share change........ 5/20/2013 6:32:56 PM (60 sec ago)
Last accepted share change....... 5/20/2013 6:32:56 PM (60 sec ago)
Last rejected share change....... 5/20/2013 6:32:56 PM (60 sec ago)
Last stale share change.......... 5/20/2013 6:32:56 PM (60 sec ago)
Last discarded share change...... 5/20/2013 6:32:56 PM (60 sec ago)
Monitor enabled.................. True
Monitor interval................. 10 sec
Restart Hashrate enabled......... False
Restart Hashrate cutoff.......... 0 Mh/s
Restart Every X Hours enabled.... False
Restart Every X Hours hours...... 24 hour(s)
Restart Share Totals enabled..... False
Restart Share Totals minutes..... 10 minute(s)
Restart Sick/Dead GPUs enabled... False
Restart API Access Loss enabled.. False
Ensure miner is running enabled.. False
Schedule Enabled................. False
Schedule Start Time.............. 6:32:56 PM
Schedule Stop After hours........ 8 hour(s)
Installed UI culture............. en-US
Culture decimal separator........ (.)
Culture group separator.......... (,)
Max available log entries........ 500
Version Response.................
Privileged Response..............
Config Response..................
Coin Response....................
Summary Response.................
Last 10 Log entries:
[5/20/2013 6:33:47 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:47 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
[5/20/2013 6:33:57 PM] [debug] Miner.GetProcessID (B) Exception: Object reference not set to an instance of an object.
