I own both of the watches your looking at, the only differences being the bezel colors. I'll give my vote for the Seiko.
The case of the Seiko is better than the orient. It's smoother, slightly thicker, has a better fit and finish to it. I like the larger crown on the Seiko, and since it's at the 4 o'clock position, its never in the way or digs in your arm.
The Lume in the Seiko is also better. It's thicker, brighter and last longer than the Orient.
The bezel on the Seiko is as smooth as butter and has a nice feel to it and easy to rotate. The Orient's bezel was very stiff and took a long time to break in where it turned easier, and it's still not as smooth as the Seiko.
The bracelet on the Orient is better than the OEM Seiko. The Seiko Jubilee style is light, using hollow links and folded end links. The Oyster style bracelet on the Orient has solid links, but still uses folded end links. Orient's bracelet has a more solid feel to it.
Both watches use an in-house movement. The Seiko uses a Seiko 7S26, and it's a workhorse. I had no issues with mine what so ever.
The Orient uses the Orient Caliber 46943. Again, this is a solid movement, and I haven't had any issues with mine at all.
In my experience, the stock bracelet on the Seiko is it's only fault and is easly replaced with a more solid William Jean Super Oyster II.
EDIT: Oh and forgot to add that the Seiko is an ISO Cert. Diver's 200M's where the Orient isn't.
Of course, Pics :biggrin:
Here it is wearing the William Jean Super Oyster II with solid end links
Now the Orient
Over all both are great watches and I don't think you'll go wrong getting either. If you factor in buying a Super Oyster for the Seiko, the Orient is less than 1/2 the price of the Seiko and would be my top value pick between these two.