Recent history has shown that they wouldn't pull the trigger JUST because it was within the timeframe where watches/warnings were needed for the coast. There has to be SOME organization... but, in this case, there is SOME organization. It's nout purely tropical, but whether they call it Subtropical Depression 5, or TD 5, doesn't really matter.

Update1: Tampa radar loop (using GRLevel3) appears to confirm the existence of a LLC, and thus a depression.

Having said that... I can find nothing to confirm that they have indeed pulled the trigger, other than the FTP site directory.

Update2: WU now shows the forecast advisory (no public advistory out yet) for Tropical Depression Five.

A Tropical Storm Warning has been issued for the northern Gulf of
Mexico coast from Destin Florida to Intracoastal City
Louisiana...including Lake Pontchartrain and New Orleans.

Forecast is a carbon copy of Bonnie, basically.