Huge coincidence. I'm just waiting on confirmation of a price of £4950 for the new SDDS. There's no way you'd need to pay £7k for it. The SDDS (Sea Dweller Deep Sea) is a new model introduced in 2008 and is just a completely stunning feat of engineering with minimalist 'bling' factor. It's waterproof to 13,000 feet (really handy this weather) but it's 17.5mm thick and weighs 220gm, so quite a 'wristful'.
I have had Rolexes since the 70's. My first was a new Air-King date model (now rare) and I have had a couple of Presidents in 18K, another Air-King, an 18K Submariner with blue dial and a couple of others models.
Word of warning. I bought my first President in the 80's in Rolex's main dealer Bucherer in Geneva. I wore it through customs and posted the box and papers. All no problem. Then a couple of weeks later, I had to make a business trip to Italy. Upon my return, customs spotted it on my wrist and pulled me over. I got a REAL grilling about it. Of course I told them I had bought it in London recently. They wanted the receipt. I didn't have it. They wanted to know the name of the shop and I told them I didn't recall immediately. They said they would take me to the shop. Their next statement was that they would take the watch apart there and then, and then tell ME where I bought it. Upshot was that I came clean and the watch then went into the Queen's Warehouse at Heathrow pending payment of duty and £1250 in fines. The watch at that time was £4,000 so I wasn't best pleased.
I had to make a trip back up to LHR with the cash a few days later to retrieve it and pay the fines and duty. A very expensive mistake.
These days, customs are even more wise to all this stuff. If you really want to try it on, do remember that currently the exchange rate $/£ is such that it makes little difference. Don't put ALL the papers and the box in ONE package. The x-ray teams know the footprint and given that your address (or that of your 'mate') will be on the package, expect a visit. You can check all the prices on eBay from US sellers - it ain't worth it.
Depending on how much you want to spend, I agree with Ty - anything from a classic Submariner in SS to one in 18K. Models to avoid are those that are bling - I know the 18K is bling - but it's solid 18K gold. As long as you keep away from jazzy dials and diamonds, you'll be fine. They don't hold their value like a 'staple' model. Also keep away from the Yachtmaster and anything bimetal (gold and steel combination).
For me, the best Rolex currently would be one in the Sub/Sea range; but don't get a Sub that has no date function. If you buy second-hand, you should have the watch examined for authenticity. Rolex keep a database of stolen watch serial numbers, so you ought to have it checked with them. They will fax you confirmation that it's not stolen. If it IS stolen, you will of course lose your money if you've parted with it.
Best of luck - let us know what you eventually buy!