Received my Seiko Automatic with the Green Fabric strap about two weeks ago.  Absolutely great watch for under $70.  Thanks Amazon.

Pro's: Great style and works well with my ACU uniform.  Also wear it with civilian clothes, but it's not dressy enough for sport coat and slacks.  Maybe I need to get another one with a leather band.  I have medium sized wrists (70" 180lbs) and this size fits me well.  Description for my SNK805 says its 37mmx11mm with a 16.8mm strap. The similar SNK806 and 809 list at 37mmx13mm and I have not measured mine to verify. My 'perfect' automatic watch would be 38mmx8mm.  Anyway, this one fits and looks really nice.  I also have a 1950's era Oyster Constellation and a Benrus from the same era.  This Seiko gives me a modern automatic without the worry of damaging a timeless classic.  Time is very accurate and have not needed to adjust the time since the initial sync... but (see Con's below).  21 jewel movement on a 37mm watch makes for a very smooth second hand sweep without the chunky movements of a quartz.  I love to watch it sweep around the dial.  The open back is a nice touch, definitely a 'pro', but largely useless. Another cool feature is the military style face with the minutes on the outer dial and the hours on the inside.  Makes it easy and simple to pick your minutes.  The transition to this style face was trouble free and actually makes more sense. Watch includes a day/date feature that is easy to set. Hands are luminescent and give a good glow for a while (I've not tested the length of time it lasts). Our work areas get completely dark when the power goes out and that happens regularly.

Con's:  Time is 2 minutes fast after two-three weeks.  This is normal, however it may annoy some.  The watch does not have a mainspring 'charge' indicator.  Not that it really needs it, but many folks looking at automatics look for this feature.  The second hand luminescence is heavy on the 'back' side and not on the pointer, so in pitch black you need to remember that your watching the tail sweep around the face and not the pointer end. Online description says its a Japanese movement, and it may be, but the back face says 'Movement Malaysia KY'.

Overall:  Very pleased with this purchase and am looking for another. I was not sure what I could expect for a sub-$300 automatic, but am very pleased.  I also trust Seiko to deliver a good product.  Normally I would stick with a $300-$500 automatic for reliability and function but this is a great move on Seiko's part.  Please make some more.

Update 12/12/2012
I wear the watch almost 23 hours a day, it is very comfortable and well balanced with a bias towards the watch.  The band seems looser than when I first purchased it and sometimes the watch want to work its way upside down around my wrist.  Not often, but noticeable when working heavily with my hands.  The watch keeps better time now.  It ran ahead almost 8 minutes per month when I bought it, and now its about 3-4.  Pretty good for a sub $100 automatic.  Dropped and banged, this watch is taking it all. It replaced my quartz watch as my go to timepiece.  Very happy with the purchase.