The advantages over other watches that cost a tiny fraction, is the fact that the automatics take no batteries, their water resistance is usually greater than the cheap watches. If the watch says is 200M WR, and it costs $50, it probably isn't.
Cheapness is relative. For a few hundred dollars you can get something with sufficient quality, that is still massively cheaper than a Rolex. The 200M WR refers to static pressure, as Paul810 said. A solar watch doesn't need new batteries every few years.
I recently bought an automatic watch, partly to see what they were like, partly because I wanted a slide-rule dial, and partly because my Casio isn't very dressy. I was disappointed. From what I've read, it needs a few hundred dollars spent on maintenance every few years else the workings will wear out and the oil congeal. If civilisation collapses, I suspect my digital watch will keep better time for longer than my automatic.
There's a Casio Pathfinder PAW1500T around here someplace
-- Tough Solar, Atomic, Digital Compass, Altimeter, Barometer, Thermometer, yada yada yada, Titanium case and wristband -- All that and it's too big and doesn't want to fit my wrist. A real Casio dealer might be able to adjust the band. Other than not fitting it's a nice watch.
I have one with a plastic strap - which I much prefer. I love it. Being solar and atomic it's an excellent time-piece, and I also use most of the gadgets.