Auz's QuestWatch unlocks the default blizzard Quest (Objective) Tracker so that you can place it anywhere on the screen simply by dragging it. It will also auto-hide in combat.
All the functionality of the original tracker has been left in place simply because, it works.
Although, currently, there are no other options, I am thinking about adding options for "Hide in Combat" (which it already does by default), "Hide in Instance", "Scale", and "Transparency".