“Wanted version failed on n% of the installations” is a heavy function. In the product info tab, you can use the drop-down field for “Wanted version” to specify what version you want to see on your computers. It is that version of the product everyone is supposed to use. If you set the value next to this option to “20”, only managed products will be listed if at least 20% of the installations on the computers have a lower version of this product. This function helps show those products you need to deploy in newer versions.
“Last revision is older than n weeks” lets you narrow the query to those records that haven’t been checked for more than ‘n’ weeks, see 6.5.4.2 Version Revision Tab, ergo if the last revision time stamp is older than ‘n’ weeks.