As someone else commented, this watch is reminiscent of the Omega "Planet Ocean" watch, as worn by Daniel Craig in the latest James Bond film. I wouldn't call it a knockoff, it just has a similar style to it. For under $50, it's a solid, attractive, and classically masculine watch, and definitely fills the role I purchased it for.
It even features a Bond style gadget! The illuminator button on the top right activates (2) very bright LED lights behind the 12 and 6 positions... the LED's stay lit for a couple seconds and are very bright white.... you could easily use this watch as a flashlight in a dark room. The watch also features a screw down crown, which I think is a nice high-end feature for such an inexpensive timepiece.
Unlike almost every other review here, I had no problems at all with the strap... Mine is very soft and comfortable. Not sure if Casio changed it, or if I just have different tastes, but really, I find the watch a pleasure to wear as is.
Sure, this watch is no Omega or Rolex, but for the money, I think it's a solid, attractive, and functional piece, that packs a hell of a lot of style into an affordable package.
4/17/09
Just wanted to add, I've had the watch for some time now, and I still have no problems with the strap... again, not sure if Casio changed it out, or if I'm just in the minority, but I think it's quite comfortable.
Also, another positive feature is the luminosity of the watch... after a normal day's wear, I have no trouble seeing the watch in the dark, and don't even need to use the LED function to tell the time. They used two colors of luminous paint as well... a light blue for the markers, and traditional green for the hands, which is kind of neat. All in all, I still can't believe this is a sub $50 watch. Great deal!