Water resistance is one of those sort of made up things... dive watches start at 20 atm/200m/ 660 ft, because the water resistance test is a new watch, in a static environment.
There are obviously three things one would like to have:
1. Time
2. Depth
3. Compass
Of the three, the low cost one is an add on compass to the band.
However, you can get all three with a Casio or Tissot, with the Tissot being really neat, and really expensive.
After that, the Citizen solar are the best bet.
If you just want time, then getting a very good dive watch, with a great depth rating is just a matter of waiting for a deal. I got a Deep Blue 1000 meter, mechanical watch with stainless steel band/diver wetsuit extension for around $100 this year..