It is never 1200 - that is an exaggeration, 275 is a good price as these are normally around 350. The most they have ever been (IIRC) is around $400
It is a nice piece, I prefer the coin edge bezel - like the Rolex Sub instead of the Scalloped bezel like Omega
Other nice pieces, though slightly more, are the Steinhart Ocean 1 and Victorinox.
Also, if the Orange is too flashy there is the Seiko Black Monster
Seiko Men's SKX779 "Black Monster" Automatic Dive Stainless steel Watch: Watches: Amazon.com
Keep in mind all automatics are charged by the movement of your wrist so not wearing one for several days will have it stop keeping time