From the 5:00 Discussion, now I understand why they held off; makes perfect sense.

WINDS ASSOCIATED WITH THE ENVIRONMENTAL PRESSURE GRADIENT HAVE
DECREASED BELOW GALE FORCE ALONG THE SOUTHEAST FLORIDA COAST.
RECONNAISSANCE DATA INDICATE THAT THE WIND FIELD OF NOEL HAS
EXPANDED IN THE NORTHWEST QUADRANT...AND THE OFFICIAL FORECAST NOW
BRINGS TROPICAL STORM WINDS TO NEAR THE SOUTHEAST FLORIDA COAST.
SINCE ANY SUBSEQUENT INCREASE IN WINDS AT THE COAST WOULD BE
ASSOCIATED WITH THE TROPICAL STORM...A TROPICAL STORM WATCH IS
BEING ISSUED AT THIS TIME. WHILE A WATCH IS USUALLY ASSOCIATED WITH
A LONGER LEAD TIME THAN A WARNING...IT ALSO CONVEYS THE
POSSIBILITY...AS OPPOSED TO THE EXPECTATION...OF TROPICAL STORM
CONDITIONS. BECAUSE THE TROPICAL STORM FORCE WIND RADII ARE
FORECAST TO REMAIN OFFSHORE...A WATCH IS MORE APPROPRIATE THAN A
WARNING. THE NEED FOR A WARNING WILL BE REASSESSED THIS EVENING.