The "competition" is apparently at the stage where Omega is trying to position as a true alternative to Rolex, so need to price accordingly. Probably why they're releasing the Milgauss knockoff. OTOH I've handled the 42mm Planet Ocean and the 44mm Speedmaster and have to admit they feel and look as refined as the any of the current SS Rolex models, which was definitely not the case with the earlier Seamasters or hesalite Speedy. Their in-house 8500 movements are also supposed to be very robust and accurate. Their plan seems to be working - I think I read they recently jumped from 30% of Rolex sales to 50ish% in a couple of years.