The point that has been made here and elsewhere, I'm sure, is that if the spread between reps and gens gets much closer than it is now, the gens will prevail. Take the Swatch Group's stable of mid-range brands like Hamilton (my fave), Omega and Tissot. The Hamilton watch that I just bought houses a Valjoux 7750 at a cost below $700. Same with Tissot. A Swiss branded watch with Swiss quality components that may very well be assembled in China. Ti case and bracelet, sapphire, factory warranty, AD support, etc. Do the math, make your own decision, of course.