I've set up P4Merge in the preferences and, when I right-click a file in the staged window, Resolve Conflicts | Launch external Diff Tool opens P4Merge. However, all I get is a dialog that shows 'Details of files being merged' showing the two files, followed by a note that I'll have to QUIT my merge tool to complete the merge process, and an Abort button - nothing else.
I've seen comments about things being slow but I've not seen anyone say it just never starts up.