One interpretation is the really competent, reliable, trusty friend, who, while he may not be able to follow all of Holmes deductions, has brains of his own. And a good sidekick too as he's handy with a pistol.
The other is the bumbling buffoon (which, I think, does Watson a great disservice)! Why must there be two different interpretation of Watson (the other one being blaspemous to most Sherlockians like myself)?
