Problem: Users watching a page are not notified of changes to transcluded pages.
Proposed solution: Implement "cascade-watching" so that users watching a page are notified of changes to transcluded pages.
Who would benefit: All watchers.
More comments: Some use cases:
Changes to templates used in all kinds of pages. Such changes often affect the content and not just the format of the pages, but users watching them are not notified.
Changes to excerpts done via en:Template:Excerpt or other methods. Currently, usage of excerpts in featured and important articles is controversial because users watching the articles are not notified of changes to sub-articles (unless they also watch the sub-articles), see en:Module talk:Excerpt#Should featured articles also use excerpts? Having excerpts on more featured and important articles would go a long way in spreading their existence and usefulness (namely to prevent duplicate work, improve content quality and foster collaboration).