I imagine there are some renowned physicians in Europe and Asia who also don't know that Toronto is a Canadian city. Or other arbitrary pieces of trivia for that matter. It doesn't stop them from being successful at their job.
Conversely, knowing which city has airports named after a WWII lieutenant and a WWII battle doesn't protect from malpractice.
At the moment, it's just diagnosing. Hopefully a) watson will provide the reasoning, enabling debugging and obvious errors to be spotted, and b) the doctors will continue to filter watson's answers for some time, shielding it from liability.