Presently, when the jquery.cycle library is missing, the following message appear in red:
"You need to download jQuery cycle plugin and copy jquery.cycle.all.min.js to sites/all/libraries/jquery.cycle"
This is a little misleading. It doesn't explicitly indicate that jquery.cycle is a directory. May I suggest:
"You need to install the jQuery cycle plugin. Create a directory in sites/all/libraries called jquery.cycle, and then copy jquery.cycle.all.min.js into it."
Or similar. This took me a while to figure out, and this could save some people some time.