Medicinal chemistry commonly ranks closely related compounds by affinity, potency, structural complementarity, or calculated binding free energy. These endpoints can obscure a mechanistically important variable: the organization and response of water at the protein–ligand interface. Interfacial waters differ in persistence, thermodynamic stability, exchange accessibility, network connectivity, and coupling to protein conformation. Ligand modifications may therefore reorganize hydration without immediately producing a large difference in apparent affinity. This Perspective argues that such divergence can become chemically informative before conventional endpoint separation emerges. The central distinction is not between “good” and “bad” waters, but among hydration states that are structurally present, thermodynamically stable, kinetically exchangeable, reorganized by ligand substitution, or coupled to protein motion. Explicit-water simulations, enhanced sampling, room-temperature structural measurements, thermodynamic experiments, and water-aware machine-learning approaches increasingly expose these distinctions, although their outputs are method- and system-dependent. A proposed water-aware prioritization logic is developed in which reproducible hydration-state divergence motivates targeted follow-up rather than automatic compound promotion. The framework remains hypothesis-generating: hydration information should refine medicinal-chemistry interpretation only when its structural, thermodynamic, dynamic, and chemical consequences can be separated from modeling artifacts and other co-varying determinants of binding.