Some good advice here. I come from the school of cheap thought!
I have two dive watches.
1. Aqua-Tech digital. From Wal-Mart. Cost ~$6.50. I've taken it to 100ft. Works fine, but after it started getting condensation under it, I lost some confidence.
2. Casio G-Shock. I have the atomic time one with 200m depth and solar power. Never needs to be set, never loses time, never needs a battery, and it's rated deeper than I ever plan on going. Cost ~$75
I wear them both on my dives. When I finally get a dive computer, I'll put the Aqua-Tech in my bag as a backup for emergencies. I believe in having redundant timing devices.
Some people spend a lot of money of diving watches. I never wanted to own a watch so expensive, I would be mad if I lost it. Watch bands break, pins come loose, etc. If you're in the ocean, that thing may drop a couple hundred feet or more. Are you gonna go get it? If I lose a $7 watch, I won't sweat it. If I lose and $80 watch I'll be disappointed, but then go get another. If I lost a $300 watch, I'd be pissed. I don't want to end any dive pissed off.