Hi Friend , This is not a marketing research

!!
I'm only suggesting that we are researching the market to help you find what you are looking for and are happy with your decision.
In terms of value and longevity, each person will find their own sweet spot. Very good watches can be found very little money, as shown by the Orient offerings. However, there are features that might cost more that also increase the long term desirability of a watch. Sapphire crystals, non-glare coatings, robust bracelets, increased water resistance, etc. can add more value to a purchase even if the initial expense is higher. The requirement to have a power reserve indicator also seems to make the price increase quite substantially as you move to the better quality models since it's seen as a luxury feature. It also seems to be most common on dress watches where water resistance is on the lower side.
A note on the watches our grandparents wore - The watches that I see being passed down from generation to generation are generally models that were quite expensive when new. The Hamilton, Longines, Rolex, etc. cost much more than an Ingersoll or one of many other forgotten brand names. Somebody at some point in history made a significant investment in a watch that allowed it to retain it's value and function over time. I'm not saying that you have spend many thousands to purchase an heirloom watch but even a budget in the $1-2K range will get you an excellent quality watch from a recognized and respected brand name that should last several lifetimes. Here are some examples.
http://www.jomashop.com/longines-watch-26664516.html This one is a dress watch with limited water resistance. It would be fine as long as you don't swim or shower while wearing it.
http://www.jomashop.com/nomos-watch-172.html This one is on the small side at 35mm.
If you can bump the budget a little more, there are truly heirloom pieces.
http://www.jomashop.com/tudor-watch-91210n-bkss.html Tudor is a sub-brand of Rolex and is generally considered very high quality.
Yet none of this is to say that the original Orient model could not last a lifetime with proper care and regular service. They offer a tremendous value within their price range.