It depends on each pond owner's goals and particular situations as to whether it's a nuisance or an invasive. I like it it when fry cover is a goal, but would control it in a recreational pond because of the difficulty fishing over it from the bank.
It does stay close to the bank, and is fairly easy to control if needed. It can also be raked back to the bank, and is easy to pick up once it's dried for a day or two. Here at our place, untreated water primrose goes in the compost pile.
Texas A&M's Aquaplant website is a great resource for plant identification and control options, so it might be a good site to bookmark. Also, use only aquatic targeted herbicides, and if called for, a non-ionic surfactant when treating any aquatic plants.
Water Primrose Information 
