As a guy who just spent $600 on a cell phone:
Do what makes you happy. It sounds like you've been coveting this bad boy for a while. Sure, it's a luxury, but so what? What else were you going to spend that money on? So long as the answer to that question isn't 'food', 'rent', or 'retirement' I see no reason not to get the watch instead.
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I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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