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IMHO, if you are buying a complicated watch, such as a Speedmaster, factory warranty is very important. In this case, authorized dealer is a must.
However, if you are buying a simply automatic watch or a quartz watch, there is a very little chance that the watch will malfunction within the warranty period. At least for me, I would buy from whoever provides the lowest price.
I bought 2 quartz Omegas from a grey market dealer. To my surprise, the watch was actually from an authorized dealer (the warranty cards were stamped by an authorized dealer.). Clearly, that gray market dealer got their watches from an authorized one. I think the warranties are valid, though I don't think I'll ever need it.
Gray market or not, they are the same OMEGA, the only difference is the price paid and warranty service (the gray market watches are also backed by warranty.). A buyer need to use discretion when deciding buying from a gray market dealer or an authorized one. Keep your options open.
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