What is the purpose of the whitelist and the blacklist ?
First of all Cookie4 manages cookies per domain, and the Whitelist/Blacklist give you an opportunity to be a lot more specific about which cookies you want to keep/delete.
first the Whitelist:
this is when you have a specific tracking cookie within a domain you want to keep. for example the NID Google cookie preserves login details. Many people want to stay logged into Gmail, so whitelisting the NID cookie (under the google domain) will keep them logged in.
the Blacklist:
say for example you have a single cookie within a favorite domain you want deleted. (and you don't want to flag all similar named cookies as tracking cookies) then this is what the Blacklist is for.
Cookie5 will have per-cookie favoriting, so the Whitelist/Blacklist is less relevant. (in fact the eBlacklist has been removed completely)