hsturtz,
If you're getting watermarks, it means either the software or the printers(or both) magic numbers have changed, and needs to be reactivated. Go to Help->Software Activation, and double-check that your serial and magic numbers are the same than the one you originally sent to activations. If it's different, you'll need a new code.
After that, go to Help->Printer Activations, and double-check that your printer is in the list, and if so, if it's magic number is different than it was when you activated it. You may want to print a new PlanetPress status page on it to get the current magic number. If it's different, you'll need a new printer activation code.
If you use Watch, then once both the software and printer are reactivated, you'll need to recompile the forms to Watch by opening them in the design tool, and going to File->Send To->PlanetPress Watch. I suggest you stop the Watch service before sending the forms, because otherwise, I've seen cases where the forms aren't updated properly. After it's all done, resend your Watch config, restart the service.
Once it's all done, try printing again, and see if the watermarks goes away.
Regards,
Rapha