Shann, scrupulous users add the copyright watermark to their work as a routine, rather a habit. On CW forums itself you can take a look at some of the photographs uploaded by Nitin Patil (user id NMP) and Sandeep Rathod (user id Grandeur). However, it is only useful if the original work is intended to be merchandized sometime later in some form.
As far as CW adding a copyright to the uploaded photographs is concerned, it will not be legal unless there is a clause in the membership agreement (I don't recall if there is any) to the effect that CW will have copyright over all uploaded work. Also won't be proper on the part of CW to do it, because claiming copyright by force over others' work is not good, particularly where copyright matters. Others who do claim such copyright are opportunistic in my opinion.
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