2 - Watchu.exe

What an unfortunate name for the process.  I noticed that a couple of times in my Task Manager, and immediately thought it was some not-well-hidden spyware that was doing keystroke tracking or something like that.

Wouldn't a name like "StudioIsActive.exe" be a lot safer sounding?

I remember the old discussions about "Watchu.exe" and I remember everyone renaming it to stop all those annoying email reporting windows that popped up every couple of minutes when S10 was first released.  Remember those horrible days? 

Does this process now have a different function as well, other than error reporting?
ET Studio phone home.