When you are developing a custom workflow activity for MS CRM 4.0, you have to register this activity with the Plugin Registration Tool provided by MS CRM 4.0 SDK.
When I changed the code of my workflow activity, and tried the Update action in de Plugin Registration Tool, the new code did not execute, it executed the cached version of the previous code. To get your new code to run, perform an IISRESET and restart the Microsoft CRM Asynchronous Processing Service after updating your assembly in the Plugin Registration Tool. It took me a while to find this out, but it’s actually quite logical.