First off, I think this is a good, solid idea. The title is fantastic. *I think "effect" should possibly be "affect", but I also think you could go with either word. "Effect" is usually a noun, and "affect" a verd, so you might want to consider changing it. I love the reflection on the seasons changing and time going on and on.
I have seen clocks and books before, but I think this is one of the best portrayals out there of a watch and words. The pocketwatch gives a nice, crisp, antique look to the photo. Adding the leaves is an original touch (I know it was for a contest, but still). The leaves give a layer of color, and make the overall effect more interesting, expecially that vivid red one.
Your technique is to be admired- the book in the backround is perfect. It's blurry enough to be a background and not the main focus, but the words are still partly readable. (Random quip: I love the word "dandruffy" and just wanted to point it out, even though it mightn't have been a conscious choice.) The opaque fern is lovely, especially how you can see the text through the leaves. In some places the photo is crystal clear, such as the red leaf and the clock numbers. This gives a nice crisp depth to your work.
The photo has a good impact. The three items (clock, book, and leaves) all seem to be good representatives of the passing of time, for various reasons. I will remember this photo for a long time, I am sure. Hope you did well in the contest, by the way!
Sorry if there isn't a whole lot of helpful or deep critique here; This is only my second critique. (: