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On watermarking, I don't really mind. I think being able to get books at a lower price (e.g. SpringerLink is free if you're in academia) in exchange for a bit of something that can't do anything on its own is OK. More so for books than audio, considering, if applied well, that a watermark on books won't affect the display of content in any way, while with audio it may affect the audio quality. For example, a way of watermarking an EPUB file can be varying the line-ending characters (with or without carriage return) in XHTML and XML, or inserting small comments/invisible spans. On PDF text can be drawn outside the viewing area, and it wouldn't affect anything. Watermarks may be used for tracking, but they are passive and are basically a non-issue if you don't decide to post the files on the Internet. In any case, (technical) watermarks in books are probably easier to remove than with any other type of communication, so if you don't like the watermarks, they could be stripped out easily (as long as you know what the watermark is).
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