Please don't send me anything to review that has a fake latex watermark (e.g. in contrast to a subtle and elegant real watermark that's part of the paper).  The reasons:

 * You would like all my brain cells to be focused on your writing, rather than diverting some to separate the watermark text from the content of your work.

 * It's a major pet peeve, and I'll be annoyed.

 * Trees will die unnecessarily when I print out the document a second time, once you give me a version without the watermark, to avoid both of the above.

Note that there are various CMU thesis templates hanging around that have a fake watermark, including (unfortunately) the one Google points you to if you search for "cmu scs thesis template."  I can't imagine why anyone thinks this is a good idea.  In any case, either don't use these templates or modify them to remove the fake watermark.

If you want to mark each page of a document as "draft" or with a date, there is a very reasonable way to do it: in a header or footer.