I just found this plugin as my jQuery UI datepicker was being cleared by Contact Form 7 before submitting. This plugin works fine though.
With a watermark, you can just do this (providing you're using jQuery of course):
jQuery(function($){
$( "#your-element" ).val("your-watermark");
});
This works when you first load up the page, but it doesn't change back to the watermark if you click out of your datepicker as it would with the CF7 watermark though, so if that's not something you're worried about this will work fine