(See below for updates)

The watchband attaches at the top and bottom of the rear of the watch, normal stuff.  If you look at a typical wristwatch (I'm comparing the Skagen to a Timex and a Boccia as I write), the band is secured to the watch body with a retainer that could be described as a teeny tiny toilet paper roll holder that is spring loaded to hold it in position.  Each end of the retainer fits into a cup, as it were, in the body of the watch.

The Skagen has one retainer like that and another that is just a simple, thin metal bar.  The ends of these fit into holes that are drilled all the way through the sides of the watch body, so that the retainer isn't constrained - it can just slide right out the side of the watch.  So I was driving along today and the Skagen dropped into my lap.  The thin metal bar had slid through the hole on one side of the watch, and the band just fell away from the watch body.

Fortunately the thin metal bar didn't fall onto the floor of the car (where I'd never have found it even if I had known what to look for) but remained threaded through the hole in the other side of the watch body.  I was able to kinda sorta get the band reattached and used needle nosed pliers to wedge the bar back into position, but this design is going to fail again.  Whether I'll be able to find the little metal bar then, I don't know.

Bottom line: it's a beauty, but the band attachment design is flawed.  I'm no longer confident enough to wear it daily, which is a shame for a two week old watch.  I wouldn't buy another Skagen product.

Interestingly enough, my Boccia watch is also Japanese, also made of Titanium, and the designs of the watch, band, and clasp are nearly exactly like the Skagen - so much so that it's impossible to believe that Boccia isn't the forerunner of Skagen, or that someone stole someone else's design team somewhere along the way.  The Boccia has a much more substantial, higher quality feel and the band retainers don't suffer from the same poor design as the Skagen.  If you like the style of these, Google for Boccia watches and do a little comparison shopping.

UPDATE about 4 hrs. later: the thin metal watchband retainer came away again on my way from the kitchen to the living room and fell onto the floor with the watch itself, I guess...all I know is "where did my watch go??"  I can't find the retainer, even though I know what I'm looking for this time.  I do have the watch.  If possible, I would give this thing positive stars for looks and negative stars for quality.  Run away, people.

UPDATE 9/9/2011: went to a mall kiosk and for $5 had the band installed as it should have been from the factory.  Still a little peeved that I needed to do that, but I'm over the disappointment and have now gone from two stars down to one star and then back up to four.  This thing is just drop-dead gorgeous.  If you buy one, examine the band attachments closely to make sure they are secure and complete!