Chris, the titler was a special "bonus" with the release of Pro 11 and only works on that version.
If you want it for Pro 10, you're going to have to buy it separately.

As Mike said, Titler Pro was bundled with Vegas Pro 11 and, therefore, will not show a watermark in Vegas Pro 11. As you've seen, it will run fine in Vegas Pro 10 (and other versions of Vegas as well) but will require a purchased serial number in order to remove the watermark in other versions of Vegas.

Thanks Mike, Ed.

Hmmm! Thought that might be the case. Oh well let's hope v11 is becoming more stable. Still using v10 for most jobs. Could still conform in v10 then open project in v11 for final titles I guess.

Chris Young
Sydney

Something I've noticed lately is that Vegas 11 is very stable when I work with MPEG-2 files, as soon as I start editing DSLR MPEG-4 files Vegas starts crashing on regular basis.