As for undervalued watches, I like Steve's picks a lot. The GP 3 bridge tourb has got to be the all time undervalued watch. All VCs are no brainers. Of all Blancpains, I think the Perpetual Chrono is the best buy.
I would also like to add the UN Freak, AP's ROO Polaris and Alinghi Dual-time. How about the GO PanoRetroGraph?