Once the SQBlaster Plugin connects, it detects whether you have a SQBlaster (Round, wooden) or a SQBlaster+ model (Black, square) and creates an appropriate number of child devices representing each "channel" that the respective hardware has.
eg. SQBlaster == 1 Channel, SQBlaster+ == 5 Channels
See picture here:
http://code.mios.com/trac/mios_sqblasterThe left picture is for a SQBlaster+, and the right is for the original SQBlaster.
I'm assuming that you're seeing each of these children, and the "parent" (aka Channel 0) is showing "up". If not, then there's some sort of connectivity problem (check IP Addresses entered etc)