Well perhaps I will never see a watch identified as "water proof" but, if I see "water resistant to 100m", I will still expect it to be capable of going down to that depth. If the watch goes berzerk near this depth, I would still expect the warranty to be effective. That might be the most important thing to check out before buying: warranty fine prints vs. indications engraved onto the bezel...
So for me, the difference between the 2 types of watches remains the same along with a distinction pertaining to the depth range one can reach as opposed to the other.
