By default the watermark is the same as it always has been (bottom left, "imgflip.com"). The new features allow for greater customization/flexibility of watermark type and location, so if you don't want the giant watermark, simply don't use it! If you're confused or encountering an error please let me know.
Sorry to hear you're having trouble. Can you say more about the issues you're experiencing? New watermark features shouldn't be having a negative impact on performance