[cd34]

the way cd34cms works is that there is a 'content' directory, then templates are generated on a per-site basis. Watermarking content for each site wouldn't really be supported.

Conman does about the same thing.

There are other CMSs that use a gallery.php file to surf the content. Change 1 file, change the entire look, no need to rebuild. You can see the obvious detriments on a site with a lot of content doing sql lookups for every pageview, but, there are benefits.

There are a few schools of thought. Having had to manage a number of different approaches, and seeing the obvious pitfalls, I've come to certain opinions.

Your mileage may vary.