Lots of companies are making new "retro" looking LED watches. Check out some of the site sponsors such as
www.led-watch.com and
www.ledwatchstop.com
Fossil made one that's almost an exact replica of the Pulsar Date II. Only difference is obviously the brand stamped in the case, and the button layout. I'd have bought one if it didn't have such cheesy looking buttons.
The crystal from a Pulsar P2 will fit this watch, they're that similar!
I thought very long about getting a modern "retro" LED, but chose to find something from an original manufacturer, if only for a "retro" brand name like Pulsar, Compu Chron, etc. rather than the unbranded look of the modern variants such as the ones featured on the sites I noted above. I'd think the reliability and quality of a modern retro watch would be very good if not better than the original manufacturers, just due to the advances in electronic circuitry over the past 35 years or so. The moderns also should be easier on batteries since they all seem to use a long life lithium cell instead of a pair of silver oxide cells like the originals.
To put in perspective for a car guy like myself, the difference is whether you'd rather buy a fully restored '69 Mustang, or a new '07. They look similar, but each one has its advantages and disadvantages...Both are fine vehicles, but different in many aspects. The reactions from other people will vary too with each one.