To watch aficionados around the world, the Rolex Cosmograph Daytona is an object of desire. It has become one of the most coveted watches after it speeded to fame as the "race driver's watch." Of course, the fact that Paul Newman was often photographed with a Daytona around his wrist boosted this watch's widespread appeal and made it all the more valuable to collectors.

Named after the Daytona Speedway, this chunky and rugged-looking watch efficiently measures elapsed time and calculates average speed. It is equipped with a sweep second hand, minute and hour totalisators activated by push buttons, and a graduate bezel that acts as a tachometer.

Only one model in the current line seems - to me, at least -- rather incongruous with the racing myth. It is an overly dressy -- rather than sporty -- watch with a diamond-paved dial, a bezel encrusted with blue gemstones, and a matching blue leather strap.

To me this particular model has "Las Vegas" written all over it, rather than "Daytona Speedway." Still, tastes are very subjective, and I hope my assessment won't irk devoted Cosmograph Daytona fans, who are ready and willing to wait years to acquire this prized Rolex watch.

I do like another, more subdued all-steel model with a white dial, an engraved tachometer bezel, and an Oysterlock wristband. A similar watch in white gold with a black dial and contrasting red seconds and subdial hands also looks very sharp. And, I would certainly not say "no" to an elegant and sporty white-gold model with a meteorite dial and a brown leather strap.

So, should you race off to acquire these sought-after but hard-to-get Rolex models? If you love the racing and/or Hollywood lore, then why not? Just keep in mind that although the Cosmograph Daytona is a sturdy, chronometer-certified chronograph watch, it is not waterproof beyond 330 feet (100 metres). So if boating rather than speedway racing is your passion, the Rolex Yachtmaster will be a better choice.

But for die-hard car-racing enthusiasts, there is no doubt that Rolex's Cosmograph Daytona is up to speed.