I purchased the IWC Galapagos Aquatimer in March 2010 and was happy with until approximately 9 months later when the rubber edge of the crown began to become frayed at the edges. The fraying of the rubber has happened all the way around the crown and I therefore decided to have the crown repaired assuming the warranty would cover this. To my astonishment IWC refused to repair the crown under warranty claiming that the rubber was damaged due to the watch having suffered some sort of severe impact. I work in an office environment and have not had the chance to take the watch diving yet. The fraying is taking place all around the crown and the watch has not had any severe impact -- it has only been subject to normal wear and tear.
It is very disappointing that a reputable watch company like IWC will not honor their warranty. As an amateur collector of high end watches it has been an expensive learning experience but I will clearly not buy another IWC watch.