I've owned that Portuguese chrono in the past and it is indeed a beautiful watch. Mine was reliable and accurate. It's not a purchase that I would repeat, however. As stated above, at that price point you can do better than a Valjoux 7750 in the movement department. That's my only caveat, though. If your only concern about the movement is accuracy and reliability, the 7750 can be counted on to deliver. (Just as it does in a good many $1k watches....)
Were I shopping for a somewhat dressy chrono at around the retail price of that IWC, this Omega (but in steel, with silver dial) would be high on my list.
The colours on that watch are amazing!!
I would rather stick with the blue dial.