Just got back from Nepal and before leaving I pondered the same question as you. Since my last trip I ended up EDCing expensive limited edition (250 made) Doxa ($1400). On previous trips I always had Luminox timepiece. I ended up taking Doxa with me. I think it was a good choice since I had on my wrist something familiar and reliable. I got few offers that made me laugh such as: I trade you two sticks that make fire for your watch or you can have few beads for your watch... But also since political situation in nepal is not really stable and people are being taken hostage or asked for "donations" I also treated my watch as something that can save my skin. Since climbing permits on Everest are $70000 maoist and local bandits have no problem asking for donations in thousands of dollars. After all in 2002 small sebenza and hundred us dollars got me out of Uganda when border patrol was trying to turn me over to WHO for possible Ebola contamination.

I do see your point and I heard stories (key word: heard) about people getting their watches pulled off when their hand was hanging out the window or being robbed. I even heard that peoples wrist were chopped off. Basic precautions on my part such as not hanging my arm out of the window or covering the watch with long sleeve took care of it.

In the end having a good old watch felt closer to home. I couldn't carry half the stuff I wanted since either TSA banned it or it was counter productive on the mountain. Watch was just a reminder of home and it was another familiar thing in the strange environment... kind of like finding my dog's toy in my sleeping bag that he burried when my bag was drying out before my departure.