The watermark is just for online stuff.. On prints it doesn't appear. Since I upgraded my account at smugmug, they give you a watermark ability.
Just to see the watermark, you can check out this B&W picture.
http://www.parkerphotog.com/photos/4..._EfMgc-L-1.jpg
The more I look at it today.. I'm starting to like the picture more. I plan to find some really cool flowers sometime and try to do the same with them.