As a brand Bulova seems to be on the comeback. I'm not sure if they're actually back yet, however. Bulova has a pretty cool history. They made some neat tuning fork watches and they made the highly collectible Spaceview and Astronaut watches. A good specimen of either of those vintage watches will set you back between $500 and $1000 depending on condition and precious metal content.
For diver watches Bulova has the Marine Star line. They've been making some version of that watch for a few decades. Some of the old automatics were neat looking and can still be found for pretty cheap money compared to the above. The current version is a decently finished Japanese quartz number with a very traditional diver design. It's looks OK. But it's not really a lot of watch for the $150 to $200 they get for it.
The new Bulova mechanical watches are an improvement over recent years' Bulova models. Still, they borrow heavily from luxury brand designs and seem to have a relatively low value coefficient. Cut-away faces are a neat novelty but the overall fit and finish is pretty low. The movements aren't much to speak of.
I hope Bulova will come back into the low to mid price quality watch market. I don't think they're really competing there yet.
For my $200 I'd by a Seiko diver or a discrete looking Seiko 5 automatic. ($100 for the watch on bracelet and then the better part of $100 for a top-notch leather or maybe croc/gator strap would make a solid combo.) Or maybe you can find a Hamilton auto in that price range.