This is the Junghans "Meister Handaufzeug" or "Master Handwinding," a retro and classic dress watch scheduled for release in July of 2012. Based on the ETA/Pesaux 7001 movement, it's rather slim at 7.3mm thick and 37.7mm wide. The design inspiration is a Junghans models from the 1930s, revamped to celebrate the brands' 150th anniversary. I think they did an admirable job. I really like the crown. Nicely sized for winding and tucked below the domed crystal.
The movement is a classic, introduced in 1971 and used in the Blancpain 7002, Omega 651, Nomos Tangente, and many other watches out there. The 7001 has a 42 hour power reserve and is only 2.5mm thick. The movement, designed in an era of smaller watches, is narrower than the case so there's a gap between the edge of the sub seconds dial and the outer dial. That sticks out to me a bit, but otherwise I quite like the design.
The Junghans Meister Handwind, with sub seconds in a thin case, is reminiscent of the Piaget Altiplano:
And also of the Jaeger-LeCoultre Master Grande Ultra Thin:
Both of those cost much more - the JLC is around $5k, and the Piaget $19k, so by comparison the Junghans is a fantastic bargain at around 1000 Euros.
One minor drawback is the crystal, it's Plexiglass with a 'SICRALAN' coating process to harden it a bit. Then again, this is a pure dress watch and expecting sport watch durability is silly. [Ed. note: is it really Paul?]
It has a mineral crystal on the back of the case, so you can admire the movement too.
Expected list price is 950 to 1,050 Euros, which I consider an excellent deal.
Overall this is a classic and restrained Junghans dress watch at a great price. Since most men don't wear pure dress watches daily, it's a good place to spend a bit less. No point spending your entire budget on a watch you wear twice a year, which is also why I can overlook the mineral crystal. If you do, in fact, wear it every day then I'd recommend spending more (also consider the Zenith Elite series) to get a sapphire crystal. This is a great size and should slip underneath shirt cuffs with ease.
Update 7/30/12: There will also be a chronograph version, probably ETA 7750 based on the dial layout.