As long as Watson's offspring don't become sentient and discover the nuclear launch codes, we should be fine.
I personally subscribe to the notion that what we call "consciousness" is something that emerges spontaneously and naturally out of suffuciently complex systems. I get the feeling that once our systems get enough memory, processing power, and clock speed, something very close to what we would consider "self-awareness" will emerge.
What it will mean for us as a species is anybody's guess once one of our engineering creations "awakens."
But whatever else it may mean, one thing will be certain - it will be a very different world we'll suddenly find ourselves living in.