On the watermarks I've used in the past (similar to this one I just swiped of the interwebs), it all depends on the picture. I imagine it would take a lot of work to Photoshop this image, but of course I could be wrong.
I look at all of this much like I do a home security system: If the Bad Guy is determined enough, you're not going to keep him out. But for the casual thief, it just makes your neighbor's place more appealing.