.... quite thought provoking.
I believe those who poo-poo this venerable brand are hiding their Rolex love in the closet. My first real watch was a Submariner I bought for myself when I was 22 with money won at the craps table. Through the years I have also had a "Coke Bezel" GMT, vintage Milgauss (left to me by an uncle who was a Livermore Labs scientist), a modern day Milgauss with green crystal, and an almost brand new GMT with ceramic bezel (bought it six months ago). As I began to collect other brands, such as JLC, Omega, Panerai, IWC, et al, I realized Rolex has a very special cult status amongst anyone who is looking to purchase a true Swiss luxury item. As you postulate in your post, a well recognized name brand and reputation can certainly make up for a brand's shortcomings. The Opus juxtaposition is spot on. But we have to face one very important fact: Rolex quality is unparalleled. While there is always a chance that $300 bottle of Opus could be vinegar, such is not the case with a Rolex. Boring as they may be, a Rolex is a marvel of engineering - almost perfect from top to bottom and never vinegar.