HuskyPup - 3:17 pm on Apr 24, 2013 (gmt 0)
Apart from the image SERPs being a total mess at the moment whereby a simple Blogger page with nothing on it apart from the image and nothing else, you should be ok.
I have a lot of watermarked images in the results both old and new ones added in the past few weeks plus I have noticed that many more images in my widget sector have gained watermarks recently.
Incidentally I don't allow hotlinking whatsoever and do not even allow Google to display my image under "View Original Image". If users want to see them they have to come to my sites.