Ticks:
Others have commented on how "loud" this watch is.  It is audible but it's really not that loud, when the room is very quiet you can hear it ticking quietly.  I have very sensitive ears and it does not keep me up at night, but I actually happen to find the sound rhythmic and relaxing when I can hear it.

Maybe one of the reasons it "ticks" is to help rescue teams to locate you if you get buried alive or something.  I doubt it, but you never know.

Water:
I've showered a few times while wearing this watch and it's held up fine.  I think even swimming with this watch on would be alright.  Just remember, don't fiddle with the dial while it's getting wetting.

Build:
The watch does have a plastic case, and the strap is made of nylon.  The buckle is composed of aluminum but, contrary to some other reviews, the clasp does seem very sturdy considering that it's holding a light weight nylon strap.  By no means is this a G-Shock type of watch, but it does seem very well made.

Comfort:
Wearing this watch feels like wearing a simple nylon wristband (like one of those old-school WWJD ones).  Yes, it's that comfortable.

Overall:
The watch overall screams simplicity, so if that's what floats your boat you will be very happy with this watch.  In my opinion, for under $20, it's one of the most stylish, functional (as something that tells the time...) wrist watches you can buy.