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The way an NLE like Premiere Pro works when you export a finished movie (normally as a DV AVI file) is the image needs to be rendered frame by frame if it is going to sustain on screen the entire length of the video. So that lengthens the rendering time significantly. With minimal effects, a (say, 40 minute long) video on a fast pc might render in about half it's running time (say 22 minutes or so) in Premiere Pro; adding lots of effects or a watermark it will likely make the rendering process take real time or more.
What I do is create a small version of the watermark as a .png file and add it in the .wmv and .mpeg encoding process in Cleaner XL, which I usually run overnight because it takes several hours anyway to encode to multiple bit rates. This also has the effect or keeping the watermark pristine because it doesn't have to get shrunken in size and quality from the finished movie.
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