[I know sfa about metallurgy]
Oh for sure, materials (besides precious metals), have little to do with the cost of a watch. Rolex can charge what they do, even though they sell 1kk a year, because of marketing. Panerai can charge similar amounts for a manual wind eta based watch because of low production numbers and crazy assed Apple-like followers. But that is just simplifying things.
904L vs 316L
1] 316L has
hardness of 95(max) Rockwells
904L has
hardness 70-90 (typical)
So 904L is slightly less scratch resistant
2] Addition of copper improves resistance of 904L to strong reducing acids like sulphuric acid (afaik this is what the steel was designed to for), but the acids that will affect 316L will have long ago melted your flesh.
3] 316L has 10-14% Ni content vs 23-28% for 904l. More irritating for those whom suffer from an allergy to Nickel.
4]
The Pitting Resistance Equiavlent Number (PREN) is calculated as PREN = Cr% + 3.3Mo% + 16N%. 316L has a PREN of 23.1-28.5 and 904L has a PREN of 32.2-39.9.
Hence, 904L is more resistance to pitting corrosion than 316L. This would be the main advantage of 904L over 316L imho.
I can not agree that 316L is superior to 904L in salt corrosion resistance. I can find no emperical evidence however,
here is a pump manufacture stating that 316L pump/impeller would be suitable for 5000ppm Cl@ 10 desgree Celsius, and 904L grade components would be suitable for equatorial seawater, >20000ppm @ 40 degrees Celsius.
Azom just states that 904L is highly resistant to chloride attack,
So it is my opinion that 904L is more resistant than 316L to corrosion. 904L has better pitting,
crevice and stress corrosion resistance than 316L
I would say Rolex went with 904L over 316L for it's increased corrosion resistance (especially
high chloride concetrations); so this is pretty much applicable to just swimming. No one is going to leave their watch in seawater to long priods of time (years) so its just over-engineering on Rolex's part to differentiate themselves from other manufacturers. And kinda makes sense with the overkill that the DSSD is.
Inconel, that rings a bell somewhere... Robotic Fire Assaying. Difficult to work with I remember. That stuff was expensive too, probaby because it was Trademarked.
I think 904L was good enough over 316L for Rolex to use and make the distinction. And I am sure 904 sounds good for marketing because its a higher number. I seriously doubt that a Rolex buyer bases their sole decision on the 904L vs 316L debate. They bought it becasue of the name and now trying to justify their purchase when they should have just said "Rolex makes nice watches". And that they do.