How important is a watermark? In my opinion, very! Times are such that it is important to take credit for your job, to ensure that no one else cashes in on it. A watermark is the simplest way to attempt this. You let a sign, a name, a phrase, that identifies uniquely to you be in the photo and proclaim that copying it unauthorized is a copyright violation. If, someday, someone steals your photos and you want to pursue them, having an inconspicuous watermark tucked in is useful.
Sometimes though, this philosophy is taken to the extreme and the watermark is made in a way that it is not worth taking the pains to edit it out, serves the purpose though.
Tell me about your thoughts on watermarking of photos.
Last time, W was for White Balance.