That was quite an interesting read. I agree with some of what you say, although some of the watches I have, and can be readily purchased around here wouldn't get recognised 9 out of 10 times (or more). In that case you may strike up a conversation with some one about watches which would certainly be very different than if they were wearing a Rolex.
For example last week we had a big event on at work with lots of clients coming in to visit. I have never seen so many Rolexes on display in my life - I work in Canary Wharf, London and we have some exceptionally wealthy clients. I did try and strike up some watch related conversations but the only one's who really wanted to get involved were one wearing a beautiful 1960's Omega, and anothre guy wearing a Luminor - both gens. The guys with the Rolexes were more just interested in how much theirs cost, and not really interested in the subject of horology.
I was wearing my Blue Omega SMP which drew some derisory glances from the Rolex wearers!! The other Omega wearer and the PAM wearer were interested in what I was wearing, but didn't spot the fake, and didn't ask me so I wasn't compelled to tell them. If they had asked I would have told them, but hey, if you don't ask you don't get!
So my point is that in terms of armour some watches (Rolexes) fall more into that category and are seen as pure status symbols whilst others (PAM's, older pieces) are a sign of some one who has looked deeper into their subject. This related more to gens than reps as we all know that the search for the best sub is not for the feint hearted!!!