I have a few watches:
Silver/gold band, black face: This is best for semiformal to formal situations, including dark suits. This works with black/brown/tan leather. Silver or gold belt buckle/cuflinks.
black leather band, black face: This is also formal/semiformal. Best with black leather and silver/stainless.
stainless band, silver face: Über-formal. I wear this with a tux going to very special events. Still, it's a damn good watch for $500.
brown leather band, gunmetal/stainless face: Casual. I wear this with chinos or jeans.
Watches are like any other thing. Wear what you like, wear what's comfortable, and wear what matches.