I have things on my watch list that are fixed price that I don't want in my cart. Fixed price items break down into three categories: (1) projects I haven't started yet, but I want to get a feel of the price, (2) things I might need for projects, but I'm not sure if I do, and (3) things I would buy on an impulse, but my impulse isn't there now. I do this instead of using my wishlist because it keeps them on my dashboard.

+1 on RobbieTunes comment: it's the 2 or 3 buyers who really want the item that matter. Every now and then, something comes up that has more bidders than that. I had four bidding on a frame near what it sold for two weeks ago, but I'd say four bidders is uncommon.

The things I want at a low price, I do not watch. I simply set up a snipe. I don't want the ebay function "Look what others are watching" to show the item I'm bidding on.