I've been diving with my Submariner for years, lots of dives, the deepest was about 115ft for me. Now from reading this thread I guess I'm the only one that's had a failure.
I was on a shallow wreck dive in the Tropic Of Cancer, probably no more than 40 feet ever, and I came up and noticed condensation in the dial, thought it was very odd. It of course never dried out and was losing time a few days later.
Sent it to Rolex in NYC in that special wrapped brown package and they found that the stem seal had failed. Guess it was just bad luck, but the case now had rust in it. $650 later it was back to me and has been waterproof ever since.