On the questions tab can we have a filter feature (I mean like frequented votes etc) of watched tags. I am aware that the tags that I have watched are demarked in a different colour. But I would like to discuss the pros and cons of getting a dedicated watched tags filter because I feel most people are well versed in certain specific areas of mathematics and would like to answer questions on that domain. This may not be so useful for asking questions as exploring newer areas of mathematics is generally encouraged upon. On the other hand its good for everybody that they answer questions on domains that they have command over. Any suggestions in this regard are welcome.
You can also use filters, IIRC a filter with your favorite tags is created automatically. From here, you can also get an RSS feed with questions in those tags, see also: RSS feed of your favorite tags. (But it seems that you did not mean the word feed in the question in this sense.)
EDIT: Now the custom filters feature - described in Andrew T.'s answer - is available also on this site. (See also: Custom Filters release announcement.) So you have another alternative at your disposal - creating a custom filter for your watched tags. (This is probably the simplest one.)
Custom Question Lists is now available on all SE sites.
One of the features is a filter to list only watched tags: