Fake Rolexes

So, just how good is a Rolex watch?
Sydney's Daily Telegraph today tells of (not so successful businessman) Karl Suleman's purchase of two supposed-Rolex watches that weren't. "Encrusted with diamonds to the point of absurdity ... unfortunately, only the internal mechanisms are the genuine article."
Suleman, who shelled out $50,000 for the watches, appears to have been conned and the price paid "was not commensurate with their value". But there could be a plan to recoup at least part of the loss. Paul Weston, liquidator of the Suleman companies, advises "It is anticipated that the watches will be dismantled and the Rolex mechanisms sold separately." So, really, how good are these watches that it would be worthwhile to do this?