A decent grey-market Tissot can often be had in the $500 dollar range. Its about the cheapest way to get a ETA automatic movement. My wifes Tissot has been as reliable as my Seamaster and still looks quite nice. The Tissot's tend to cheap out on the bracelet and don't do any re-working of the movement, but hey its generally the same movement.
This thread has reminded me that I need to send my grandfather's IWC back to schaffhausen to have it rebuilt.
Sean