Watched Tags represents the tags/questions that the user is interested in or could answer. However, the current use-case for Watched Tags seems to be to click each tag in the Watched Tags panel on the Home page individually to find questions related to these tags.
i.e. If I watch 5 tags, I would need to click each of the 5 links in turn.
Top Questions on the Home page has tabs for Interesting, Featured, Hot, etc. I propose adding Watched Tags to the list. I imagine this as a single place where a user could see all questions related to the tags they're watching.
i.e. This view would be one list of questions related to any of the 5 tags I'm following.