My preference is any of several Casio or Timex Expedition models that feature both a compass and watch. I have used them for several years with complete satisfaction. The compass works nicely as a backup which I have rarely used - it is still nice to have, at virtually no cost in bulk and weight.

The watches of this type have kept adequate time for normal applications (anything short of chronometric navigation); I will adjust them about once a year. If I need to know the time with real precision, I consult my GPS and/or cellphone.

The bands have held up nicely to vigorous outdoor use. When the watch dies, it doesn't cost an arm and a leg to get a replacement.

Dive watches became functionally obsolete with the development of the dive computer. Most of them now smell suspiciously of bling....