I already own a Seiko SKX and a sea urchin (FNZF17). I bought this for for two reasons. First, I like the aesthetics.  I think it is a better looking watch than my two Seiko's.  And second, I bought it for the movement.  Hacking, winding, and screw down crown.

Overall this thing deserves 5 stars.  At this price point it can't be beat.  I will keep my SKX and this Ray in my rotation, and ditch the sea urchin (not that there is anything wrong with it).

But I do want to give my 5 pros and 5 cons.

Pros:
1) Price.  Worth every penny
2) Aesthetics/finishes.  One of the best looking entry level dive watches available.
3) Bezel. I have seen some reviews complaining of the bezel action on the Ray.  I disagree with those.  This is so much better than the Sea Urchin. It is solid and has very satisfying clicks.
4) Lume.  Extremely bright.  I also like the lume on the tip of the second hand.
5) Accuracy.  Gaining only a few seconds a day.

Cons:
1) Crown.  My biggest complaint.  It is so hard to screw in and out. Almost ruins the whole experience for me.  The SKX is so dang easy to operate compared to the Ray.
2) Date setting.  The day/numbers get out of alignment way too easy.  They don't snap into position quite like the Seiko's do.
3) Bracelet.  Hard to complain about a bracelet on a sub $200 watch.  Especially when most people change them out anyways.  But I love the jubilee bracelet on the SKX.  I also prefer the bracelet on the sea urchin over the Ray as well. Not a deal breaker.
4) Quality Control. I have seen various issues from others regarding this.  First thing I did when I opened the package was take off the bracelet.  One of my spring bars was bent pretty bad.  I'm glad I saw it and replaced it.
5) Lug width.  I would prefer a 20mm width.  On both the bracelet and nato the band can overpower the 41.5mm case.  again, not a deal breaker.

As you can see I'm a huge fan.  If you are considering this watch, do it.  You won't regret it.  However, if I had to choose between this and the SKX, I might lean toward the Seiko.  either way you can't go wrong.