zippy, I've found that watches are like anything else: you get what you pay for. It sounds like you've budgeted about $200. Some fairly nice watches can be had for that cost. Consider also what will be the uses for your new watch: dress, work, sport, all-around casual. How accurate or rugged does it have to be?
My everyday watch is a Citizen Eco-Drive Titanium Alarm-Chrono (blue dial). It's light-weight, rugged and useful. And because of the nature of my work and hobbies, I acually use the functions almost on a daily basis. It's more tool than anything else.
I don't know if you've considered it, but Seiko also makes some nice watches for reasonable prices.