Craft
Unmissable, and still readable underneath
The two requirements pull against each other, and most watermarks fail one of them badly.
Too faint
A mark nobody notices does not do its job. If a reader has to look for it, it is decoration.
Too heavy
A mark that fights the text makes the document annoying to read, and annoyed readers ask for a clean copy — which is how an unmarked version ends up in circulation after all.
Too wordy
One or two words. A sentence across the page is unreadable at any weight.
Diagonal across the middle is the convention for a reason: it crosses every column, survives cropping, and sits where nobody puts body text.