@selzdesign I think you are being too critical of the developers of this excellent plugin.
I agree it's disappointing that the new Falcon performance improvements don't yet support WordPress installed in a subdirectory, but I am sure they will fix that soon.
For now all the security features of WordFence are available.
I'm building a new site for a client.
Until it's ready to go live it sits in a subdirectory (url similar to http://www.xxx.com/web ).
The Falcon caching works really well on this setup - almost instantaneous responses to many pages.
It's looking so good I think I won't need any of the other caching plugins such as W3 Total Cache or Super Cache.
When this client's site goes live, the WordPress files will still be in the subdirectory but I will set the home page to http://www.xxx.com.
That's what doesn't yet work with Falcon but I'm hoping it will be fixed by the time I need it.