HuskyPup - 3:26 pm on Feb 15, 2013 (gmt 0)
Oh dear oh dear, just checked yesterday's stats and my largest image gallery's Page Views were 45.4% of 2013's average and my second-lowest day of the year!
Since the new "Bing-like" introduction my second-largest gallery has averaged 34.8% of Page Views and so it goes on with the earnings down by similar amounts however I do have one site, my third-largest and the one I shall be expanding, it has lost no traffic whatsoever. Every image on that specific site has been watermarked from day 1, interestingly I also have a small UK-focussed site with watermarked images and that traffic etc is unchanged.
I have no idea what Google thinks it's getting out of reducing traffic to image sites by this introduction but it clearly is not working insofar as my sites are concerned.