I proposed a new design sketch for the Rating module about a week ago, and after a good discussion, the sketch turned into what I'd consider a very solid design. Now I'm going to do the same with the Watchers module.
While this module (and the system of email notifications) has revolutionized how we use Wikidot, it's also left a trail of bruises and blood as email boxes have overflowed. It's not just page edits, which were the original culprit (and for which we have a solution in progress, namely draft editing). It's also the way that notifications encourage long discussion threads so that innocently watching a site can result in massive amounts of email.
As Brunhilda and others have pointed out, we need two levels of detail. One, to see more or less what's happening in a site or category ("see new blog postings") and two, to drill down into more detail ("follow this specific page").
I'm sure that over time this will need more fine tuning, but if you are interested in seeing what the proposal is, head over to the design section and check it out.