It really depends on the purpose of the watch (daily wear, special occasions, bling, casual, sports) with the watch and your reference group (are you a typical middle class guy, or do you have a Bentley GT and an F430 in the garage? Do you live in Russia, Dubai, or Pittsburg?). I may get flamed for this, but if you were to go to a business meeting with a person in Switzerland and bust out with your Rolex, he may give you a grin and a sneer, but in America, most people are still enamored by the mystique of Rolex. So let's talk about the reputation the watches have among the public American imagination.

Omega has a great reputation due to its Speedmaster (the first watch on the moon) and the Seamaster from the newer James Bond films, as well as its recent Olympics sponsorship (check out the insane Planet Ocean watch). They builds a great, comfortable watch, and their models go from affordable to astronomical. Omega suggests that 7 out of 10 people have heard of their brand. So this is definitely the close second to Rolex in quality, style, and status. An entry level Omega is about half the cost of an entry level Rolex, and Omegas are more likely to be available with discounts from an authorized dealer (very rare for a Rolex).

Another close second or third would be Tag Heuer, who has a racing and golf pedigree, and is also known for making the first automatic chronograph watch. They really became popular in the late 90s up until today, after some serious marketing dollars were spent and some nice innovation in the later 2000s, and especially because of Tiger Woods' endorsement. The entry level Tag Heuer watches are probably 1/3rd of the price of an "entry-level" Rolex. Also, authorized dealers often shave up t o 30% off of the MSRP to make way for new models.

Breitling is a brand that is somewhere between "recognizable" and "for collectors." They make some of the most beautiful chronograph watches in the world and are known for large cases with thick, leather bands (often in interesting colors). These watches are every bit as expensive and rare as Rolexes. Check out the Chronomat, Navitimer, and Emergency models to see some flagship designs.

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Serious watch collectors and the very rich are into a completely different set of watches that most people have never heard of. Examples: Panerai, Audemars Piguet, Baume & Mercier, IWC, Hublot, Frank Muller, Patek Phillippe, and Chopard. Many of these watches dwarf Rolex in terms of design and quality, and even cost.

I think everyone that is interested in watches and aware of the legacy of Rolex and looking for "second best" should just save and get a used Rolex, see if you like it, and offload it for the same amount or more later. Some may hate them (I hate the SS Sub bands and horrible clasps). If you become obsessed, you may find yourself day trading watches and talking in tongues like, "I have to unload my 16610LV so I can save for this Pro Hunter modded DLC Deepsea with a NATO band." A good affordable first Rolex is an Air King or an older, well serviced Datejust. If you consider getting a Rolex, realize that they require service every 5 years, and it is expensive. Shy away from antiques - too prone to damage and impossible repairs. Make sure anyone that tries to sell you one gives you papers, and make sure that the inside of the case serial number has NO SMUDGED NUMBERS. You'll see what I mean.