A Rolex is just like a Hummer. Extremely well built, designed for years of rugged use, durable, precise, serious tool. They were glommed onto by the fashionista group. You'll find more Rolexes sitting under suits and more Hummers parked at a shopping mall than anywhere else. It doesn't take away from the fact that these are serious tools, although it can be hard to look past the present connection between the companies and their fashion forward followers. The Rolex watch has never stopped it's progression and still today boasts some of the most advanced design and production elements in an automatic movement. They are amazing watches and the watch entusiast (not the fashion watch enthusiast, but the horological design fan) who knows his stuff respects Rolex watches, if not the direction the company has gone with marketing.
I personally don't have an issue with them, as it's hard to fault a company who sees a market, cashes in on it, and gives back so much (they lead the industry in charitable giving and sponsor a great deal of events that give back to the community). They also refuse to give in to trends, they march to their own beat, and they continue to put quality first. True, a Rolex Submariner is the best $2500 watch out there, too bad it costs $10,000. But, it is a fantastic tool and if you can afford one, more power to ya.
Rolex has jumped the market over the last few years and repriced themselves into an arena where they compete with Patek Phillipe, Breguet and Audemars Piguet, and that was intentional. They feel that their watches are superior to those competitors and thus should be seen as at least equal to them, and they have been pretty succesful doing that. Again, hard to blame them for it. They have, however, been selling their Tudor line ( a little brother to the Rolex, sharing a lot of components) in many countries for a while now, and they've been really bringing that brand up to pick up and fill the hole that Rolex left when they increased their prices. Tudor watch has finally decided to start selling in the US again, and very soon you will be able to buy a Tudor sub at 40% the cost of a Rolex sub here in the states.