A gift from my parents after finishing my M.Sc.. I remember looking at this exact watch for hours when I was a kid, being intrigued by the smooth movement of the seconds hand. My father got it for his M.Sc., and I hope I can continue the tradition. [[SPOILER]]
In a perfect world, yes; however, lighter colored bags will be seen as less formal than dark brown/black/navy in many instances. I know that the cognac bag would lift some eyebrows at work, while the others are perfectly good.