Let's start with the basics: it uses Nautica's Japanese Quartz Movement, it uses a brushed stainless steel case with polished bezel, and has a black dial (Brown and grey also available). It also has a Chronometer function, 24 Hour Dial, and a Tachymeter. MSRP: $250, but it can be had from Amazon for only $160. This is one of Nautica's "flagship" watches.
The Good: The watch has a nice weight to it. It feels high quality, or at least loads higher quality than what you may expect for the price. It has a very nice appearance as well, with real presence on the wrist. It wears large, which happens to be something I like, but it doesn't feel like it is far too big (i.e. the feeling of a few 50mm+ U-Boats, Pannys, etc). The matte dial contrasts nicely with the finishing on the subdials. Also, in practical terms, it keeps great time at +/- ~2 seconds per day. I have only needed to adjust the time once in my 3 months of ownership. The crystal is only mineral, but it stays scratch free quite well.
The Bad: The lume on this watch is pretty poor, and it barely shows after even hours in direct sunlight or lamplight. Also, the strap it comes with starts to deteriorate and the dye rubs off on your skin, especially on hot days. I simply replaced it with a $30 Hadley-Roma brown alligator strap.
Overall: A great watch for the money. 4 out of 5 stars.
Please note that in the pictures below, the strap is aftermarket and not original.