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Most modern mechanical watches should be able to be adjusted to within chronometer specs.
That standard was created many decades ago when that level of performance was the exception more than the rule. Now modern mass manufacturing has made mechanical watch movements so much more consistent and accurate that most new mechanical watch movements can pass the test. In fact, over 96% of those submitted, do.
Adjustment of a mechanical movement is accomplished by merely adjusting a screw that controls the speed of the balance wheel (the wheel that spins back and forth inside). A jeweler equipped with the right diagnostic equipment can quickly measure the watch's accuracy and readjust as needed to get the watch well within chronometer specs pretty easily.
Though as a mechanical watch gets beyond 15-20 years of normal use, general wear can make it harder to get the accuracy as close at it was when newer.
Don't forget to check the articles on Accuracy and COSC here on Chronocentric:
http://chronocentric.com/watches/buyersguide.shtml#cosc_mech
http://chronocentric.com/watches/accuracy.shtml
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