The documentation for the Watchers module states that there is only one attribute that can be used:

I would like to request another attribute that does the opposite — it hides the list of users that are watching the page, but shows the actions that someone can perform (watch/unwatch).

The module, when used with this new attribute, would be much better suited for being used inside an actual page, whereas the module in it's current form only suits the sidebar (takes up too much vertical space when used in a page).