Hello raisemeup: Well... I watch my thoughts. But more than that, I breathe into them & smile to them. Sometimes I will even place a hand over my heart as a sign of compassion for them. But I also maintain an active meditation practice. From my perspective, watching one's thoughts is just one piece of a more "global" practice, so to speak. And if one is not actively engaged in the whole practice, simply watching one's thoughts is, as you wrote, overrated.
I see this is your first post here on PC. So...

to PsychCentral… from the Skeezyks!

May the time you spend here be of benefit.
PsychCentral is a great place to get information as well as support for mental health issues. The more you post, & reply to other members’ posts, the more a part of the community you will become.

Plus there are social groups you can join & chat rooms where you’ll be able to connect with other PC members in real time (once your first 5 posts have been reviewed & approved.) Lots of great stuff! So please keep posting!