Watson is an IBM supercomputer designed to compete against Jeopardy's most formidable human opponents. Although off online, a few of Watson's resources include the entire World Book Encyclopedia and all of Wikipedia. Equipped with all the information it could ever need it would appear that Watson's success is solely hinged on his reaction time. Ken Jennings noted that "if you're trying to win on the show, the buzzer is all," and that Watson "can knock out a microsecond-precise buzz every single time with little or no variation. Human reflexes can't compete with computer circuits in this regard." With perfect reaction time and boundless info to draw from Watson is simply as good as his IBM programmers allow him to be, making the competition no competition at all.
Check out the log after round one below. Watson crushed up until the first commercial break where it seems the IBMers dumbed him down a bit.