It depends on how you define DRM, it's almost always presented as a technical way to prevent people from doing the 'wrong thing', as such watermarking (which doesn't prevent people from doing anything) doesn't qualify.
personally, I'm just fine with watermarking, and I think that publishers should have a way to identify when a copy of something is being widely distributed. I think take-down notices based on watermarking make lots of sense.
The only problem with watermarking is the privacy angle, it can make it possible to identify what you read, listen to, and watch. As long as there is enough competition so that these records do not get centralized, and as long as you can create new online identities at will, I think that this will balance out in the long run.