Years ago Dunhill made very nice products. They were a great company decades ago. My father and his generation spoke highly of them as a brand. But I think they went a bit down market. Not sure if it was to try to get a broader audience (the way Tiffany & Co did with all their sterling silver merchandise), or if it was because of economic hard times. They still make nice lighters (not that I need one), but for most products they offer, I'd probably go with a different brand.
They've yo-yoed up and own market a bit. At the moment they seem to be aiming more up-market. It's one of those brands where I like what I see in the adverts and I love all of the history but when I walk into the store, absolutely nothing grabs me, except the odd tie. And it's very expensive. I think it goes down better in the Asian markets.
The store in Mayfair is in a beautiful building, and there's a great little courtyard out front where you can get a coffee or a beer in the warmer weather. I still preferred the old Jermyn Street store, where you could go in, buy a cigar, and sit and smoke it.
I have heard that they still do some bespoke leather stuff which is of very high quality, but the OTR stuff - meh.
The watch that the OP referred to was indeed a reverso movement dressed up in what, at first glance, looked like quite a nice faceted case, but I saw one in the catalogue for an upcoming auction (one of the Knightsbridge ones I think) and I thought it hadn't aged well - it just looked a bit like a cheapo 'brand' watch, and was priced accordingly. Made me feel sad for the movement inside.