well, to be honest, i love wearing a bracelet on the same wrist, i think its really easy to pull of.
and I dont really care what other thinks.
i think the only key is to match the styling of your bracelet and the styling of the watch ( rule of thumbs) dont put a silicone bracelet next to a orient bambino :P...
but next to a diver, like the orange monster, Why not
ps: the color dont need to be the same, i just think that the overall (style) have to be the same
but then again, that's just my opinion, and i'm far from having a master's in fashion :P
here is a picture found on google to prove it can be done,

another example is a nice paracord (3$ ebay) black bracelet, would look great next to a skx007

sry for my english