Hi woodwkr2 - I guess I would consider any UG watch not put together by UG not something I would want. I'll let others decide for themselves. Indeed, we have seen the prices of these questionable second executions plummet on eBay since this discussion started. Many seasoned collectors have bought them and have reached conclusions that they are fakes after this discussion took place. They can speak for themselves.
If you look at the hodgepodge of microrotors in some of these, you can see some very badly scratched up and others have widely varying serial information. I wish I had kept a record of all this, but I haven't. It is not a watch that I have been seriously interested in purchasing, but just kept an eye on as part of my larger collecting interests. I first began getting suspicions when I saw the fake USN markings appearing on what looked like fresh-to-market examples. Then we began seeing watches in the matte cases that clearly were of inferior quality. The seller(s) of those Polerouter Subs were selling other fakes such as Heuer Bundeswehrs (with gold text and junky cases) and Jaeger-LeCoultre Polarises. He has even faked Breguet chronographs.
I have examined past sales and articles and haven't seen these 2nd-gen Subs for that long. If you go back to the UG auctions at Antiquorum, there were only 1st-gen Subs with the lume on the edge of the circles. Starting in 2009 at Antiquorum, you can see the questionable Polerouter Subs.
Here are some relevant links:
The three Polerouter Subs from the 1994 UG Sale by Antiquorum in Geneva:
Lot 132, sold for 1,898 CHF:
http://www.antiquorum.com/catalog/lots/lot-122-132?browse_all=1&page=1&q=polerouter+sub
High-res photo:
http://images2.antiquorum.com/auctions-images/122/lots/132/132.jpg
Lot 133, sold for 1,610 CHF:
http://www.antiquorum.com/catalog/lots/lot-122-133?browse_all=1&page=1&q=polerouter+sub
High-res photo:
http://images2.antiquorum.com/auctions-images/122/lots/133/133.jpg
Lot 134, sold for 2,530 CHF:
http://www.antiquorum.com/catalog/lots/lot-122-134?browse_all=1&page=1&q=polerouter+sub
High-res photo:
http://images2.antiquorum.com/auctions-images/122/lots/134/134.jpg
Antiquorum 2008, a 2nd-gen with legit case, but overall a questionable watch to me with the "GENE VE" dial, sold for $3,960:
http://www.antiquorum.com/catalog/lots/lot-207-352?browse_all=1&page=1&q=polerouter
High-res photo:
http://images2.antiquorum.com/auctions-images/207/lots/352/352.jpg
Antiquorum 2009, a 2nd-gen with legit case, but again with the "GENE VE" that makes it questionable for me, sold for $4,320:
http://www.antiquorum.com/catalog/lots/lot-212-410?browse_all=1&page=1&q=polerouter#
High-res photo:
http://images2.antiquorum.com/auctions-images/212/lots/410/410.jpg
This is the earliest reference to a second-generation Polerouter Sub I have seen, from December 1, 2006 (a couple years before I got interested in collecting watches):
http://ninanet.net/watches/others14/Mediums/mpole.html
The crowns on it look a little crude to me and don't look original. The case and movement also have a lot of scratches like they possibly were in a drawer. Last, I question the dial.
All - I have a final thought on the lume that I had not shared. Of course, I have never seen a questionable one where the lume was the tiny dots on the edge of larger circles. Those all seem legit.
If you examine the gilt writing on these UG dials, it does look good, but the orange lume is of a radium style that the faker uses for other watches, such as the Bundeswehr, so my guess is that the dial was without lume originally (just had the white circles) and that the person then put applied the orange lume across the entire empty circle. More recent dials look fake - the text just doesn't look correct for a UG, so the person may have run out of legit dials.
Just my 2 cents and conspiracy theory on the whole thing. Take it or leave it.