On Special:Watchlist how about an Unwatch button on each entry?
That way the user wouldn't need to click "Edit your list of watched pages" and then find the page.
Nor would he have to visit the watched page, and unclick the star.
Nope, he could do it in one click right there on Special:Watchlist.
So maybe on each line:
diff | hist | unwatch ) . . Bla:Bla -- bla bla bla 02:13 . . +37 . .
or just
diff | hist | X ) . . Bla:Bla -- bla bla bla 02:13 . . +37 . .
with a mouseover saying "Unwatch" when over the X.