Are you wanting just a Text Watermark or an Image. I'm making Watermarks simple with my new control by allowing you to set a WaterMark property for the page. It allows you to set the Rotation Angle, FontName, FontSize, FontStyle, etc. You can do it on a per page basis. For example once you load the report into the control. You could do the following code in the AfterReportLoad Event.

ReportObject.ProcessInBackground = .T.
ReportObject.GoToPage(i)
FOR i = 1 TO ReportObject.PageCount
    ReportObject.WaterMarkText = 'Draft Copy'
    ReportObject.WaterMarkFontName = 'Arial'
    ReportObject.WaterMarkFontSize = 90
    ReportObject.WaterMarkForeColor = RGB(210,210,210)
    ReportObject.GoToPage(i)
ENDFOR
ReportObject.GoToPage(1)

That would then place a WaterMark on all the pages. You could then Print this or Preview it. I got the idea after reading Cathy Pountney's very in depth book about the Report Writer and seeing what a PITA it was to do a Watermark. She does have all the tricks though to working around those pains though.