I've had this watch for a couple of months now. I figured it would be best to get to know the watch for a while before reviewing it. My experience with mechanical watches is limited to the cheap hand-winds that I had as a kid, before the quartz revolution, and they were always uniformly inaccurate and uniformly dead after a few months. So this was my first experience with not only an automatic watch, but a mechanical watch that wasn't considered "disposable".
My first impression is that the watch is larger than I expected. I'm a fairly large guy, but I have average sized wrists (7.5"). It doesn't look clownish or anything, but I feel that this watch at 42mm is about as big as I should be wearing.
Specs: The watch is also fairly thick, roughly 14mm, to house the L691.2 movement (base movement: ETA A07.111). I read up a little on the A07.111, it's apparently based on the 7750 but somewhat larger, 36.6mm in diameter. It's nicely decorated too, with Geneva stripes, perlage, and a nicely engraved Longines logo that's unfortunately obscured by the rim of the case back. The power reserve is 46 hours, and the watch is rated for only 30 meters of water resistance. That's OK with me though, this is a dress watch after all.
The watch kept decent time out of the box, +7 sec/day, just beyond COSC specs. I know that there is some controversy as to whether watches actually "settle in" or not, but this watch is now keeping a consistent +3 sec/day after 2 months. I can only speak for my own experience in this case. I was fairly obsessive at checking the time after coming home from work at the same time every day. I'm pretty satisfied with the timekeeping.
As to the looks, I think it's just a beautiful watch. I love the simple face with the "barley" guilloche pattern, the blued hands (which normally look almost black, but brilliantly shine blue when the light hits them just right), the flawlessly polished stainless case, and the beautifully decorated movement. I looked over the whole thing rather critically, and was unable to find a single flaw. Perhaps a jeweller's loupe would expose some, but there's nothing that can be seen with the naked eye.
The only things that can be considered a negative is the crown and the overall thickness of the watch. I feel the crown is a bit too small and it makes it hard to get a grip to wind it up. Not really a big deal, since it's an automatic, but there it is. The thickness is not too bad, but I would prefer it to sit a bit flatter and sleeker on the wrist. Again, you can't have everything, at least in this price range, and overall it's a very nice watch.