Nice looking watch.
I haven't kept up with watches for a few years. I actually bought some Orients from Russia about 10? years ago and re-sold them. That was back when there were only a few people selling to the US market.
My guess would be that the Orient watches are a step down in quality from Seiko. If not the movements then the materials. The Orients I have are lighter than the Seikos. The movements seem to be a little louder. That said, I haven't had any problems with either.
Info from here:
http://watches.zsebehazy.com/orient_movements.htm indicates that this movement is a mid level quality for Orient.
Orient Watch Grades
The two letters found on the case and dial of each Orient watch designate the movement, which is graded for accuracy.** There seem to be only three major grades.* This info is from a 2001 catalog.* Thanks to* Adriano from SCWF, who posted this info.
FC, EG : +10~-5 sec / day
FA, EX, FE, ER, EM : +25~-15 sec / day
PF, NR : +40~-30 sec / day*
FYI Orient has a higher quality line called "Orient Star"