diff --git a/.changeset/loud-dolls-confess.md b/.changeset/loud-dolls-confess.md
new file mode 100644
index 000000000..06f77dc2f
--- /dev/null
+++ b/.changeset/loud-dolls-confess.md
@@ -0,0 +1,6 @@
+---
+"@preact/signals": major
+"@preact/signals-react": major
+---
+
+Add useWatcher hook
diff --git a/packages/preact/src/index.ts b/packages/preact/src/index.ts
index 5171394ae..8f17f0cd3 100644
--- a/packages/preact/src/index.ts
+++ b/packages/preact/src/index.ts
@@ -67,10 +67,9 @@ function Text(this: AugmentedComponent, { data }: { data: Signal }) {
 
 	// Store the props.data signal in another signal so that
 	// passing a new signal reference re-runs the text computed:
-	const currentSignal = useSignal(data);
-	currentSignal.value = data;
+	const currentSignal = useWatcher(data);
 
-	const s = useMemo(() => {
+	const $s = useMemo(() => {
 		// mark the parent component as having computeds so it gets optimized
 		let v = this.__v;
 		while ((v = v.__!)) {
@@ -82,17 +81,16 @@ function Text(this: AugmentedComponent, { data }: { data: Signal }) {
 
 		// Replace this component's vdom updater with a direct text one:
 		this._updater!._callback = () => {
-			(this.base as Text).data = s.peek();
+			(this.base as Text).data = $s.peek();
 		};
 
 		return computed(() => {
-			let data = currentSignal.value;
-			let s = data.value;
+			const s = currentSignal.value.value;
 			return s === 0 ? 0 : s === true ? "" : s || "";
 		});
 	}, []);
 
-	return s.value;
+	return $s.value;
 }
 Text.displayName = "_st";
 
@@ -114,7 +112,7 @@ Object.defineProperties(Signal.prototype, {
 /** Inject low-level property/attribute bindings for Signals into Preact's diff */
 hook(OptionsTypes.DIFF, (old, vnode) => {
 	if (typeof vnode.type === "string") {
-		let signalProps: Record<string, any> | undefined;
+		let signalProps: typeof vnode.__np;
 
 		let props = vnode.props;
 		for (let i in props) {
@@ -136,7 +134,7 @@ hook(OptionsTypes.DIFF, (old, vnode) => {
 hook(OptionsTypes.RENDER, (old, vnode) => {
 	setCurrentUpdater();
 
-	let updater;
+	let updater: Effect | undefined;
 
 	let component = vnode.__c;
 	if (component) {
@@ -187,15 +185,18 @@ hook(OptionsTypes.DIFFED, (old, vnode) => {
 					}
 				}
 			} else {
-				updaters = {};
-				dom._updaters = updaters;
+				dom._updaters = updaters = {};
 			}
 			for (let prop in props) {
 				let updater = updaters[prop];
 				let signal = props[prop];
 				if (updater === undefined) {
-					updater = createPropUpdater(dom, prop, signal, renderedProps);
-					updaters[prop] = updater;
+					updaters[prop] = updater = createPropUpdater(
+						dom,
+						prop,
+						signal,
+						renderedProps
+					);
 				} else {
 					updater._update(signal, renderedProps);
 				}
@@ -351,6 +352,12 @@ export function useSignalEffect(cb: () => void | (() => void)) {
 	}, []);
 }
 
+export function useWatcher<T>(value: T) {
+	const watcher = useSignal(value);
+	watcher.value = value;
+	return watcher as ReadonlySignal<T>;
+}
+
 /**
  * @todo Determine which Reactive implementation we'll be using.
  * @internal
diff --git a/packages/preact/src/internal.d.ts b/packages/preact/src/internal.d.ts
index 436ac029a..a62b373bc 100644
--- a/packages/preact/src/internal.d.ts
+++ b/packages/preact/src/internal.d.ts
@@ -31,7 +31,7 @@ export interface VNode<P = any> extends preact.VNode<P> {
 	/** The DOM node for this VNode */
 	__e?: Element | Text;
 	/** Props that had Signal values before diffing (used after diffing to subscribe) */
-	__np?: Record<string, any> | null;
+	__np?: Record<string, Signal> | null;
 }
 
 export const enum OptionsTypes {
diff --git a/packages/preact/test/index.test.tsx b/packages/preact/test/index.test.tsx
index dd98e3a74..1bac98a7d 100644
--- a/packages/preact/test/index.test.tsx
+++ b/packages/preact/test/index.test.tsx
@@ -3,6 +3,7 @@ import {
 	computed,
 	useComputed,
 	useSignalEffect,
+	useWatcher,
 	Signal,
 } from "@preact/signals";
 import { createElement, createRef, render } from "preact";
@@ -353,6 +354,111 @@ describe("@preact/signals", () => {
 		});
 	});
 
+	describe("use watcher hook", () => {
+		it("should set the initial value of the checked property", () => {
+			function App({ checked = false }) {
+				const $checked = useWatcher(checked);
+				// @ts-ignore
+				return <input checked={$checked} />;
+			}
+
+			render(<App checked={true} />, scratch);
+			expect(scratch.firstChild).to.have.property("checked", true);
+		});
+
+		it("should update the checked property on change", () => {
+			function App({ checked = false }) {
+				const $checked = useWatcher(checked);
+				// @ts-ignore
+				return <input checked={$checked} />;
+			}
+
+			render(<App checked={true} />, scratch);
+			expect(scratch.firstChild).to.have.property("checked", true);
+
+			render(<App checked={false} />, scratch);
+			expect(scratch.firstChild).to.have.property("checked", false);
+		});
+
+		it("should update computed signal", () => {
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				const timesTwo = useComputed(() => $value.value * 2);
+				return <p>{timesTwo}</p>;
+			}
+
+			render(<App value={1} />, scratch);
+			expect(scratch.textContent).to.equal("2");
+
+			render(<App value={4} />, scratch);
+			expect(scratch.textContent).to.equal("8");
+		});
+
+		it("should not cascade rerenders", () => {
+			const spy = sinon.spy();
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				const timesTwo = useComputed(() => $value.value * 2);
+				spy();
+				return <p>{timesTwo.value}</p>;
+			}
+
+			render(<App value={1} />, scratch);
+			render(<App value={4} />, scratch);
+
+			expect(spy).to.be.calledTwice;
+		});
+
+		it("should update all silblings", () => {
+			function Test({ value }: { value: number }) {
+				const $value = useWatcher(value);
+				return <span>{$value.value}</span>;
+			}
+
+			function App({ value = 0 }) {
+				return (
+					<div>
+						<Test value={value} />
+						<Test value={value} />
+					</div>
+				);
+			}
+
+			const firstChild = () => scratch.firstChild?.firstChild;
+
+			render(<App value={1} />, scratch);
+			expect(firstChild()?.textContent).to.be.equal("1");
+			expect(firstChild()?.nextSibling?.textContent).to.be.equal("1");
+
+			render(<App value={4} />, scratch);
+			expect(firstChild()?.textContent).to.be.equal("4");
+			expect(firstChild()?.nextSibling?.textContent).to.be.equal("4");
+		});
+
+		it("should not rerender siblings", () => {
+			const spy = sinon.spy();
+			function Test({ value }: { value: number }) {
+				const $value = useWatcher(value);
+				spy();
+				return <span>{$value.value}</span>;
+			}
+
+			function App({ value = 0 }) {
+				return (
+					<div>
+						<Test value={value} />
+						<Test value={value} />
+					</div>
+				);
+			}
+
+			render(<App value={1} />, scratch);
+			render(<App value={4} />, scratch);
+
+			expect(spy).to.be.callCount(4);
+		});
+	});
+
 	describe("useSignalEffect()", () => {
 		it("should be invoked after commit", async () => {
 			const ref = createRef();
diff --git a/packages/react/src/index.ts b/packages/react/src/index.ts
index 570656d71..8bd6cb152 100644
--- a/packages/react/src/index.ts
+++ b/packages/react/src/index.ts
@@ -100,6 +100,8 @@ function WrapWithProxy(Component: FunctionComponent<any>) {
 	return WrappedComponent;
 }
 
+let renderDepth = 0;
+
 /**
  * A redux-like store whose store value is a positive 32bit integer (a 'version').
  *
@@ -118,10 +120,24 @@ function createEffectStore() {
 	let version = 0;
 	let onChangeNotifyReact: (() => void) | undefined;
 
-	let unsubscribe = effect(function (this: Effect) {
+	const unsubscribe = effect(function (this: Effect) {
 		updater = this;
 	});
+
+	const oldStart = updater._start;
+
+	updater._start = function () {
+		renderDepth++;
+		const finish = oldStart.call(updater);
+		return function () {
+			finish();
+			renderDepth--;
+		};
+	};
+
 	updater._callback = function () {
+		// only notify React of state changes when not rendering in a component
+		if (renderDepth > 0) return;
 		version = (version + 1) | 0;
 		if (onChangeNotifyReact) onChangeNotifyReact();
 	};
@@ -235,3 +251,9 @@ export function useSignalEffect(cb: () => void | (() => void)) {
 		return effect(() => callback.current());
 	}, Empty);
 }
+
+export function useWatcher<T>(value: T) {
+	const watcher = useSignal(value);
+	watcher.value = value;
+	return watcher as ReadonlySignal<T>;
+}
diff --git a/packages/react/test/index.test.tsx b/packages/react/test/index.test.tsx
index a4c7f98ef..8d3e1736d 100644
--- a/packages/react/test/index.test.tsx
+++ b/packages/react/test/index.test.tsx
@@ -1,7 +1,7 @@
 // @ts-ignore-next-line
 globalThis.IS_REACT_ACT_ENVIRONMENT = true;
 
-import { signal, useComputed, useSignalEffect } from "@preact/signals-react";
+import { signal, useComputed, useSignalEffect, useWatcher } from "@preact/signals-react";
 import { createElement, useMemo, memo, StrictMode, createRef } from "react";
 import { createRoot, Root } from "react-dom/client";
 import { renderToStaticMarkup } from "react-dom/server";
@@ -223,6 +223,129 @@ describe("@preact/signals-react", () => {
 		});
 	});
 
+	describe("use watcher hook", () => {
+		it("should set the initial value of the checked property", () => {
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				return <span>{$value}</span>;
+			}
+
+			render(<App value={1} />);
+			expect(scratch.textContent).to.equal("1");
+		});
+
+		it("should update the checked property on change", () => {
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				return <span>{$value}</span>;
+			}
+
+			render(<App value={1} />);
+			expect(scratch.textContent).to.equal("1");
+
+			render(<App value={4} />);
+			expect(scratch.textContent).to.equal("4");
+		});
+
+		it("should update computed signal", () => {
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				const timesTwo = useComputed(() => $value.value * 2);
+				return <span>{timesTwo}</span>;
+			}
+
+			render(<App value={1} />);
+			expect(scratch.textContent).to.equal("2");
+
+			render(<App value={4} />);
+			expect(scratch.textContent).to.equal("8");
+		});
+
+		it("should consistently rerender in strict mode", () => {
+			function Test({ value }: { value: number }) {
+				const $value = useWatcher(value);
+				return <span>{$value}</span>;
+			}
+
+			function App({ value = 0 }) {
+				return (
+					<StrictMode>
+						<Test value={value} />
+					</StrictMode>
+				);
+			}
+
+			for (let i = 0; i < 3; ++i) {
+				render(<App value={i} />);
+				expect(scratch.textContent).is.equal(`${i}`);
+			}
+		});
+
+		it("should not cascade rerenders", () => {
+			const spy = sinon.spy();
+			function App({ value = 0 }) {
+				const $value = useWatcher(value);
+				const timesTwo = useComputed(() => $value.value * 2);
+				spy();
+				return <p>{timesTwo.value}</p>;
+			}
+
+			render(<App value={1} />);
+			render(<App value={4} />);
+
+			expect(spy).to.be.calledTwice;
+		});
+
+		it("should update all silblings", () => {
+			function Test({ value }: { value: number }) {
+				const $value = useWatcher(value);
+				return <span>{$value.value}</span>;
+			}
+
+			function App({ value = 0 }) {
+				return (
+					<div>
+						<Test value={value} />
+						<Test value={value} />
+					</div>
+				);
+			}
+
+			const firstChild = () => scratch.firstChild?.firstChild;
+
+			render(<App value={1} />);
+			expect(firstChild()?.textContent).to.be.equal("1");
+			expect(firstChild()?.nextSibling?.textContent).to.be.equal("1");
+
+			render(<App value={4} />);
+			expect(firstChild()?.textContent).to.be.equal("4");
+			expect(firstChild()?.nextSibling?.textContent).to.be.equal("4");
+		});
+
+		it("should not rerender siblings", () => {
+			const spy = sinon.spy();
+			function Test({ value }: { value: number }) {
+				const $value = useWatcher(value);
+				spy();
+				return <span>{$value.value}</span>;
+			}
+
+			function App({ value = 0 }) {
+				return (
+					<div>
+						<Test value={value} />
+						<Test value={value} />
+					</div>
+				);
+			}
+
+			render(<App value={1} />);
+			render(<App value={4} />);
+
+			expect(spy).to.be.callCount(4);
+		});
+	});
+
 	describe("useSignalEffect()", () => {
 		it("should be invoked after commit", async () => {
 			const ref = createRef<HTMLDivElement>();