I really love Watershed. I grew up on Led Zeppelin and King Crimson, so the progressive aspect of the album doesn't bother me at all. The growls could be a tad louder, and there could be more of them, but Mikael's clean voice is so awesome on this album that it doesn't really matter too much.
Instrumentally, I am really happy with the addition of Frederik. His lead style is so different to Mikael's that there is no confusion about who is soloing (Unlike when Peter was in the band). And Per is just great. My only complaint is that Axe seems to overplay just a little sometimes. Where Martin Lopez played very tastefully and as though he had nothing to prove (which he didn't) Axe sort of pushes his awesomeness down our throats a little. He is excellent though, and perhaps on the next album he will realize that we all love him enough for him to relax a bit.
I like Watershed.