I have this watch in sort of a mid-green color, and I've beat it to death.  Runs like a top, does everything I need.  Plus, I'm a scuba diver and have had it at depths of up to 110 feet fairly often without problems.  It really IS water resistant.

True, the watchband dies pretty quickly, but I found several places to buy a replacement for an average price of $12...one is a sports outlet with three initials in the name - the 18th letter of the alphabet, the 5th, and the ninth.  I've had mine for over a year and the battery's still going, but admittedly you probably do have to take it to a jeweler to have it replaced.

Good luck!