A "watch" is a means to get email, as soon as something changes within the watched scope.
From now on you will receive an email, whenever content changes in this space, i.e. new blog posts, new pages, or comments to any content.
If you are viewing information on a page or news entry in a space that you watch, in the upper-right hand corner an envelope with a globe appears. That is an indication of that specific information being watched by you due to a space watch.
Space watches are a great way to stay informed about important departments or project, and especially those, you are responsible for!
To stop watching a space,