1. Good layout.
2. GUI does exactly what it claims to do.
3. Almost unbelievable - here is an example of well-commented code. I find the lack of good commenting in code appalling these days. To all programmers: comment your code - it will help you or another user use it down the track, and will often help you structure your code logically when composing it in the first place!
I have 2009b and the 'monitorpositions' option is available.
I found that in the demo_script leaving the set(..) the way you have it works fine and then turning off the set in threshold.m makes it a perfect size. It was this way before too, I could see the figure load set up and look good, then expand to be multiple times my screen width on that call to set().
Anyway, excellent demo! Definitely useful for beginners to understand thresholding.