TGIF: How Important is the Box for your watch?

Over the years, I've gotten watches in all kinds of boxes and packaging.  Most watches come in some sort of cardboard or plastic box.  Some watches have come in big plastic boxes with clamps and clasps worthy of carrying a nuclear detonator.  I've also gotten inexpensive watches that were merely bundled in plastic bubble wrap.  My question is simple:  

how important is the watch box?

The cardboard presentation box that came with an inexpensive Izod watch

When there is no box, but the watch comes in bubble wrap, do you think less of the brand?  I have to admit that I do.  This was the packaging for my $5 YouYouPifa watch from China.  Of course, the super low price tag was also a clue that this wasn't really the substantive watch that one might wear to work.  

Nothing but plastic wrap doesn't make a good first impression

On the other hand, bulky watch packaging takes up way too much space. How big does the box have to be when a watch only costs $50. There has to be some kind of  balance.  Overall, I like it when there is at least some packaging to protect a wristwatch purchase.