Could the WatchList page be limited to a number of days like RecentChanges? Mine is getting rather long & it takes a while to generate. Maybe a truncated WatchList page could give a link to a complete watchlist which would be displayed as a dumb list with no dates & times of edits (which I presume is what causes the load on the
server)
At the risk of being slightly sarcastic, wouldn't a better solution
be
to edit your own WatchList to remove things that you no longer
really
need to watch?
The software should be able to deal with capacity issues like this, though I agree that it's probably better to have a smaller watchlist. Another suggestion is to just create a page under your user space that's just a collection of links to the pages you're interested in. Then you can use the "Watch links" feature to look for changes on all those pages, and the ones on your watchlist will appear bold there, so you get a two-level watchlist.
wikipedia-l@lists.wikimedia.org