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I don't like watermarking because I am highly nervous about the legal system and how ignorant a lot of lawyers and judges are about technical matters. There are many, many, MANY ways to steal or intercept a file from a computer or phone or eReader. If a copy of something I bought, embedded with a watermark that maps to me, gets out into the wild, I simply cannot prove that I've never been to MegaUpload or BitTorrent or wherever and that I don't know how the copy of my book got there. I feel like when it comes to piracy there's a presumption of guilt, and that makes me very nervous.
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