Correct me if I'm wrong (I'm not on Weight Watchers) but isn't it just a moderation or low-calorie plan? I'm not by any means saying that's a bad thing (it's what I do), but if you're not going to meetings is there really a particular "diet" to follow? Besides watching your overall intake, that is.
I'd still say that it's a better plan than South Beach, for many people. Like mms0823 said, you might run less of a risk of binging if you are on a less restrictive plan, especially if you are big carb-eater right now. Then again, if you do better on low-carb plans or plans that require stricter rules, South Beach may be better for you. I really think it depends on the person.
Personally, I just follow a low-calorie plan of my own and attempt to keep my macronutrient ratios in a range that works well for me (50% of calories from carbs, 30% from protein and 20% from fat). I usually fall into my WW point range pretty well (sometimes more and sometimes less), even though it's not something I am specifically attempting to do. I just track the points because I think it is interesting.
For me, the absolute most important part is tracking every thing that I eat, every day. No matter what plan you choose, I would recommend that.