I've tightened up the settings section, added ability to friend users and updated the main menu a little:
Custom lists, Signature code and Manage watchlist are gone from Settings (already created lists and signatures still work). I will eventually revamp these and bring them back.
Watchlist added to the main menu to give you powerful filtering and sorting options to navigate through your shows. If made public, you can also link your watchlist url to other people and show them your favorite shows. This page will soon gain additional features like adding/removing shows, setting tags etc.
You can now friend users on Next Episode (through the new Settings/Friends section). This gives you the ability to see their watchlist (and compare your shows with theirs) even if it's private.