Hi Jason
I remebner a while back talking to Ray that if you have a site with Dynamic Themes if you wanted to add a new theme to your site you would have to go into each page and add that theme to the list. It was mentioned this may be made easier in the future. It was basically extended in that way so technically updated as you said may be the case.
Its a great extension and so much better than DW templates I feel its probably well under used mainly due to things like that and the documentation which is brief and does not really explain the true power of FWB.
Mike