At page 64 of the solidWorks 2011 what's new, they talk about File Synchronization.

I can't see this View > Show Warning Watermark command.

I use W7 64-bit and SW 2011 SP2 64-bit en Italian language.

I attach an assembly out-of-date and the relative part.

You need to open the assembly with eDrawings and try.

I don't see any watermark.