When I decided I wanted to break down a Steal Vs. Splurge with the new, current-gen Rolex Submariner, I had lots of options:

• Tudor would be a natural comparison, but I wanted to avoid any intrafamilial strife.
• Omega’s Seamaster Diver 300M is considered a potential Submariner killer by many – a statement I don’t necessarily disagree with – but side-by-side the watches are so different that it’s hard to feel comfortable going tit-for-tat.
• I wanted a watch with an in-house movement, so the Bremont Supermarine, the Breitling Superocean, the Rado Captain Cook, the Longines Hydroconquest, and the TAG Heuer Aquaracer were all out.
• Glashütte Original SeaQ? Too vintage-inspired.
• Blancpain Fifty Fathoms? Too expensive. Great, but not a steal.
• I love the Grand Seiko SBGA229, but Spring Drive makes a comparison too difficult.
• Same goes with the internal rotating bezel on the IWC AquaTimer.

The only watch that fit my criteria with aplomb? The new Oris Aquis Caliber 400.

The Watch: Oris Aquis Caliber 400 Black Dial On Bracelet ($3,500)

The Caliber 400 is a gem of a movement. I’ve worn my Divers Sixty-Five HODINKEE version non-stop for the past two months and it’s running at barely plus-two seconds per day. I always appreciate the design integrity allotted by a double-barrel construction, and I find the new escapement design to be novel and easy to appreciate.

Now that that’s out of the way, I don’t wanna hear any grousing about the price of the Aquis.

Why It’s Cool: Oris is a cool company. And the Aquis is Oris’s best-selling watch. Ipso facto – the Aquis is Oris’s coolest watch? The math just makes sense.

The Aquis has an interesting modern design, with all the premium benefits you’d expect from a contemporary premium dive watch. There’s a sapphire crystal, an exhibition caseback, 300 meters of water resistance, a color-matched date window, and a ceramic bezel. What else do you need?

And the movement. Not to beat a dead horse, but I don’t know how people can’t get excited over an independent watchmaker introducing a brand new proprietary movement architecture, then executing it on an industrial scale, and keeping the price in the relatively affordable ballpark. And then to back it up with a 10-year warranty.

I mean, c’mon.

Why It’s Affordable: Um, I don’t know. Seriously. I don’t have a great answer here.

It’s true that Oris leverages economies of scale in its favor, and the company openly admits that it relies on a supplier network for many parts and has some help in the assembly process. But that doesn’t make things that much cheaper on the back end.

In my mind, Oris’s ability to execute a watch at the quality of the Caliber 400 for the price that it does should put the rest of the watch industry on notice.

The Watch: Rolex Submariner Ref. 124060 (No Date) $8,100 / Ref. 126610 (Date) $9150

You know the Submariner. You either own it or you want to own it – or you’re dismissive of it due to other external factors, whether societal, economical, or wait-listical. But that’s a story for another time.

Why It’s Cool: It’s a Rolex, duh.

Sean Connery wore one during his tour as James Bond. It feels like half the guys in Hollywood have a Submariner, and the other half are pissed at their AD for not allocating them one. It’s not just actors and athletes, either. It’s soldiers, scientists, politicians, professional divers, humanitarians, and more.

The Submariner is an endlessly impressive piece of kit. It’s the world’s most recognized piece of man jewelry. And it looks incredible on women. It’s the go-anywhere, do-anything, king-of-the-hill dive watch. And I don’t see that changing anytime soon.

Why It’s Expensive: It’s a Rolex, duh.

I’m not going to dive into a nuanced defense (or critique) of Rolex’s pricing structure. The truth is that Rolex could charge double the current retail prices and most of us still wouldn’t be able to find one at an Authorized Dealer. If you want one pre-owned, you know where to look.

If you want a Rolex, you want a Rolex. That may mean sitting on a waitlist. It may mean buying vintage. It may mean borrowing several thousand dollars from a distant relative. For countless people, the product is worth the trouble.

But for the rest of us – me included – the Oris Aquis Caliber 400 is a legit competitor hidden in plain sight. It works as a one-watch collection for someone who wants a terrific timepiece and isn’t impressed by brand prestige – and it works as a tenth watch for someone who already has the big brands covered and wants to explore the indies. It’s not cheap, but it is a steal. And you can have one on your wrist today.