This message indicates that your Favorites/Watched folder(s) that are being cached may have been corrupted due to a file or unexpected crash.
Click OK to recover from a backup.
The folder and subfolders you have designated as a Favorites/Watched are being constantly scanned and cached to improve the Browse experience. It helps load thumbnails and full previews quicker and also allows you to create Smart Albums.
If you are experiencing issues with the software not launching or being slow you can delete the Favorites/Watched folder by right clicking on the folder in the Favorites/Watched folder and choose Remove Favorite.