We all have different uses for and expectations from a watch. Personally, I usually use a Casio G Shock-type digital watch with a stopwatch function, and I've occasionally used other brands of cheap, water resistant digital sports watches. I only use them for racing my boat, so I don't care how they look. They have big, easy-to-read numbers and a light for night use. Any kind of digital watch is accurate enough for racing. Most cheap watches can time a racing start a whole lot more accurately than most racing skippers.
Some watches are called "yacht" watches or "sailing" watches, but they might not be at all suited for sailboat racing. Often they have sweep second hands and minute hands, and are much too hard to read. Be sure you get a digital watch that displays the minutes and seconds in big, easily readable numbers. Get a watch that has the features you'll need, and not one that the manufacturer calls a "sailing" watch.
I wouldn't think a barometer or compass in a watch would be accurate enough for any useful purpose, and don't think computer compatibility would be important for casual racing.
I've lost a couple watches over the side through the years, and have found that, when the batteries need to be replaced, the watches are often no longer water resistant and won't last much longer, so I don't mind replacing them when necessary.