"Am I still getting the 100 forums where I have "watched forums" because I don't actually have any watched forums yet?"
Yes
Once you have some "watched forums," they will be listed under a header that says something like "you are watching 2 of our 100 forums." (and you can click on the "100 forums" - which is underlined - and it will give you the alphabetized and categorized list of all the forums.)
And, I just realized I was confusing your original question, thinking you were talking about watched threads...