I've noticed that there are 2 main camps for people that buy this watch (and many similar designs).
1) People that appreciate low-cost, no-nonsense, attractive (personal taste), waterproof, stainless steel design with plenty of features including stopwatch, alarm, and light.
2) People that wear it as a fashion item for that funky, retro-coolness.

I'm actually in the second camp more so than the first but overall, a good mix of the two. I love the design. It's straight out of the 80s. I love the "ElectroLuminescence" and "Illuminator" signs. It's very tacky but in a good retro way. Yes, I am a child of the 80s...

There is also a gold version A168WG, which can be had for a few dollars more. A female friend of mine had it to begin with (which got me looking at this watch) and it looked really nice on her. It's got that retro-blingness to it with the gold tone. So if you're considering this watch, you may want to consider the blingier version too - whichever works for you.

It seems many more have bought A158 model than this one. Not sure of the reason but A158 is cheaper. I prefer the look of A168 and like the illuminator light.

As one reviewer pointed out, the band can be "sharp" and may not be the most comfortable feeling on your wrist... I noticed it too but most of the time, I don't think about it. Also the band is stainless (clasp is fine) while the watch case is plastic, which may end up peeling or fading over time.  Also countdown timer would have been nice as well as dual(or world) time... but then it probably wouldn't be so cheap anymore. It's so cheap that if it breaks or wears out, just simply buy another one. I hope Casio will continue to make this watch.

Edit 8/5/2010: Amazon has bumped the price up since I bought it. I got it for $16, now it's $19.50.

Edit 5/29/2012: Amazon no longer sells the gold version (affiliates do) and the online prices have appreciated considerably compared to 2 years ago, now at $35 and up :(

Edit 5/19/2013: It's been almost 3 years since I bought this watch. It still looks great and is ticking fine. The (plastic) crystal is still scratchless and despite me having put this through countless running sessions (yes, I went running w/ this watch many times b/c at one time, it was my only watch) and showers, the shiny chrome layer/coating on the plastic housing has not faded or peeled.