The only time I'd really wanna watermark my stuff is when it's being published on another site, and even then only if it's a big site. For example, I was hired to shoot the launch party for a music channel, and all my photos wound up on their high-traffic site. Watermarking would've been a nice subtle way to get my name out there in case anyone wanted to hire me for other event shooting. I got photo credit on the site, but a watermark would've allowed me to slip in my site url.
That said, if I
did watermark a photo, it'd be very subtle. Something like -
Hell, I might even kill the name and just leave the url.
But yeah - 99% of my shots remain unmarked.