I have the same strap as almightywife for my watch.
I liked the metal band I originally had a little better, which had an extension built in for use over an exposure suit. Problem is it was just a little tighter than I liked on my 7mm suit, and far too small to fit over my drysuit sleeve. While I was diving wet I just lived with the snugness at the surface, since it worked out well once suit compression kicked in, but since I couldn't use it with my drysuit I ultimately went for the fabric strap, which works fine with both.
I liked the easy-on aspects of the metal band better, though (no threading straps, just slip it on and snap it closed!), and it looked better topside on a bare wrist. The tough fabric is not as comfy on bare skin, either. Oh well, now it's a dedicated dive watch.
Note the same objection applies to a rubber strap: I'd rather snap closed a continuous-loop metal band than mess with strapping on a watch with a buckle. You need something that fits either way, though, and it's true that the fabric strap is more versatile in terms of thick/thin and extra retention should a pin break.
If I dove warm water exclusively (thin wetsuit or even short sleeves) I would go back to the metal band (with expansion joint) in a heartbeat.