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I also bumped up against the lack of explicit "waiting for" in OF. Here's my work around.

If I'm waiting for something, the context is the person who owes it to me. AND, I set the flag for it.

For example:

Item: First draft of pricing proposal
Context: Dave
Flag: On

Then I have a perspective that shows flagged items, grouped by context. This way I can quickly scan the list and see who owes me what.

I find it quite convenient to do it this way, and I wasn't using the flags for any other purpose.