In addition to checking the NotifyFilters, make sure you're attaching handlers to all of the events that the FileSystemWatcher has. FileSystemWatcher has events for Changed, Created, Deleted and Renamed.
If you're only attaching to the Changed event and not catching any events, then it sounds like Perforce might be deleting and recreating the file. If this is the case, add handlers to the Deleted and Changed events.
The NotifyFilters documentation on msdn has example code showing handling for all of the events.