Hello Tim Tos,
We have image blocks on the to-do list for the next major release - Q2 2011. They will allow text wrapping and the import/export from/to docx files should work fine.
As it comes to watermarks, we are getting closer to the implementation of this feature. You can track our progress using PITS:
PITS issue ID: 3208
Public URL: http://www.telerik.com/support/pits.aspx#/public/silverlight/3208
the Telerik team
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