Utterly imperceptible, even when studied under the microscope in a way that LLM text very rarely is in practice.
It will be interesting to see whose concerns are assuaged (perhaps they genuinely though mistakenly believed it would degrade quality), and whose concerns are heightened (perhaps their real objection is that their AI-generated text will become detectable).
If anyone notices degraded quality, that would imply they could break the crypto behind the watermark.
For an analogy, distinguishing AES ciphertext from random bits without the key would be counted as breaking AES (the more precise statement of this is called AEAD).