I went to the watershed for a bridal shower recently and I have to say the atmosphere is great. It is right on the water, in the middle of Tempe's Lakes neighborhood. The view is beautiful and they have a private room in the back that can hold up to 50 people.
The food was simple, sandwiches and fruit, but it was a lunchtime shower so it was perfect for a shower. They have a nice grassy area on the patio where people can play games or just sit by the water. All in all, it was a nice place