Chisness,
The Rolex President is an old-man's watch. Don't get it. I also don't like the diamonds and such in a watch. Get a nice stainless/two-tone watch. There are some old watches that are quite sweet, and some of those in gold are very nice.
A great watch is the Bulova Curvex. Here's one in Rose gold, which is beautiful and very European. This is a fantastic watch, and a new watch that is equivalent would be well over 1500.
This thing will run for another 100 years. It's a dressy watch, but quite sharp. You can always get a sport watch, too. $450 at Second Time Around.
Another amazing watch is the Jaeger LeCoultre Reverso. They still make them, but they are very expensive. A vintage one is just a beautiful watch, but hard to find. They are really cool because they have two faces and you can flip the watch between a sporty and dressy face. The movement is very complicated.