This seems to work differently depending on what mode it's in. In the "fade out" mode, I see connections and processes older than 10 minutes continue to get dropped from the list, and the check mark beside "10 Minutes" stays visible. But if the window has been clicked, things don't update until I hit the "X". Still some work to be done, I think.
This on 10.6.8 Snow Leopard.
This on 10.6.8 Snow Leopard.