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When user invokes Edit for an existing watch expression and then clicks Help, the "New Watch Dialog Box" help topic appears. Probably is should be renamed to "New/Edit Watch Dialog Box", because its content is mostly applicable to edit dialog box as well.
Seems to be more a RFE than defect. Btw. why should the help topic be any different, when this is the exact same dialog with the only difference being, that the name of the watch is prefilled to the name of the watch you are editing?
Because the name of the dialog is different (Edit instead of New Watch...) and it may be confusing for user to see that help for one dialog appears for some another dialog. Anyway, it's a very small issue.