Well, I know this threads been dead for months, but perhaps someone will find this on a search...
Seems that US customs law (at least Cali law) is what has been described, unless of course I stumbled into an ignorant or lazy customs official. Had 4 boxed $75 roly watches arrive today (might I add that they appear to be of beginmariner caliber) that were shipped by a vendor I took a chance on and marked "gift...$30 value". Homeland Sec/ Costums went all through it, retaped w/special tape and had my postal carrier hand me an import tax form for 120 bucks. They said value was $2k. This was Oakland customs up north through SF, but I'm in Socal.
I definitely won't be selling these or defrauding anyone, so I should be good. I've actually got a small bachelor party for a friend coming up, and will give these to my best friends...