Yes but watches are boss, whereas people who use hundred dollar pens at school are douchebags
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Yeah, that's because watches are boss to you - if we talk in terms of FUNCTIONALITY - I can probably find a $30 watch which has all the functionality of a Rolex or Omega - i.e. tells the time, stopwatch (chronograph)...etc.
It's the same thing with pens - you can find a $1 which is FUNCTIONALLY the same as a $100 pen - but the difference lies in the quality of the product.
For example, if I pay more for a Rolex watch, I expect good quality, that it will last me for a long time, that it will "look good" and that it will work reliably.
Same thing goes for pens - if I pay more for a pen, I expect the ink to be smoother, a nicer writing experience and better quality - for example, I know that my pen (which is around $40 - so not too expensive) is pretty much leak proof - unlike the cheaper pens - so I can keep it in my shirt/pants pocket without worrying. It's also lasted me for over a year - which is a very long time.
So I don't think it's justified to call anybody a douchebag just because they value something different to you - we all like to spend our money on different things. For example, I could easily call a person who goes out to buy FIFA '12 a douche just because FIFA '10 is like $20 and is similar. I could also call anybody who buys a BMW a douche because they could have just gotten a Hyundai.
It's what you decide to pay for and what you value, essentially, so do be respectful.