Engraved Watch - Personalize with words or initials?

So you want an engraved watch - maybe a pocket watch or a wristwatch, and you are not sure what to engrave. Should you do initials, maybe in old english - this makes the watch nice and personal. Should you do wording, to convey a message (like retirement or an anniversary) - this focuses the gift and conveys everything from feelings to a place and date. Either works, and do not forget presentation watches where more information can be added to the presentation plate.