^thanks for the additional pics, they really highlight some of the differences in quality. The H2O has a fully adjustable and reversible bracelet with a better clasp and with all that extra machining, the H2O case has a slight beveling at the edges, drilled lugs, overall the finishing seems smoother (from pics only of course) and not to mention you can change out the dials and movements if you're included to get more than one.
For only a couple hundred bucks extra it seems like the H2O is the better deal IMO but this is still really cool and a nice package, esp if you like the specific design details better or just as much.