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It appears that during the D6->D7 migration, the permission created by this module was changed from "administer conditional fields" to "administer dependencies". The latter is far too abstract and doesn't really get the point across - what sort of "dependencies" are we talking about?
In my opinion, the original name for the permission was much more correct, so I propose changing it back.
Because there is no stable release for the D7 version, I did not include an update function for this change, however, I'll gladly do so if requested.