No. I can’t replace humans at all. It’s a tool to help humans do what we do best – give us some options that might make sense and then let us pick which one is right. It’s basically just a filter for your brain to give you ideas that you may never have thought of because you cannot process enough info to do so.
This is why its first (practical) use is in medicine. Take in a lot of data, give suggestions.
The cool thing is, in 10-20 years, our cell phones will be better than Watson, and we will think nothing of it. In fact, we will get mad when it gets answers wrong.
Edit, 08 Oct 2014:
IBM Watson Adoption Accelerates Globally
Deakin University is working with Watson to develop world first online student advisory service
In a world first, Deakin University will be powered by Watson to develop an online student engagement advisor. The student advisor application will deliver 24/7 instant online access via the web and mobile devices for the university’s 50,000 students. Working together ultimately the advisor will also assist future students and staff working with students with everything from the simplest questions to tailored personalised responses.