I can't speak for anything other than my opinion, but I spent a few hours this afternoon at the mall trying on an assortment of Rolex, Breitling, Omega, and Longines models, as it's time to expand my collection beyond the one serious watch I own (a Panerai, let's avoid re-litigating that scintillating discussion from a few days ago). It was the first time I'd seriously handled Rolex or Omega watches and evaluated them for possible purchase; previously I've seen and admired them, but this was more focused. I'm planning on making at least two or three major watch acquisitions this year, and went to the mall with the idea that maybe I'd get both an Omega and a Rolex within the next six months or so. Here are my thoughts (emphasis so no one thinks I'm making blanket statements) on the Rolex vs. Omega question you raised:

• Omega makes some beautiful, classic, well executed watches. They have history, heritage, pedigree, and style, and that is without question. I went in with real excitement to try on the Seamaster Professional Diver in blue, and the Master Coaxial in titanium/blue. I found both watches well made but underwhelming on my wrist. I was also surprised at the way the bezel action felt on the Master Coaxial. For a $7k watch the action did not impress me. The way they both caught the light was not especially impressive, and they "wore small" both in size and in presence on me. I'm sure for many people these will be great timepieces, but they won't be where I spend any money. I left the store with zero intention of buying either one. I may go back and see if the PO models work better, but I was a bit "meh" after seeing them in the store.
• Rolex blew me away. I used to dismiss Rolex as a bit boring and not worth the hype. Over the last year I've come around to liking them more, and went in with the intention of trying the SubC no date as well as both colors of the Yachtmaster. I was so, so wrong about Rolex not living up to the hype. They are not the most exciting watches, but WOW: the build quality/finishing is over the top fantastic. They looked and felt so much better than I ever expected. I may get the SubC first and follow it with the blue face Yachtmaster.

Ultimately all of this is about opinion/taste/personal preference. All I can say is that my opinion of the Rolex vs. Omega debate changed significantly after spending a good bit of time examining and trying on multiple models of them. In my opinion (don't flame me, folks, it's an opinion) Rolex blows Omega out of the water (ha!) when it comes to materials, finishing, and presentation.