Orient makes great watches and they're great values. Too good to be true? No. You're not getting a $4000 Seamaster for $125. There are a number of differences between a Ray and your typical expensive Swiss dive watch. The latter will have a sapphire crystal, possibly a display caseback, solid end links, a better clasp, a hacking and handwinding movement that runs at 28.8k beats per minute, the movement will have tighter accuracy specifications, it will probably be more water resistant, and the polished bits on the Ray's bracelet would probably be separate pieces of a Swiss bracelet. Basically for an extra $1000+ you get something that's somewhat more complicated, built to tighter tolerances, and at least in the case of the crystal, built using better materials. You can decide for yourself whether or not that's worth it to you. To most people it certainly isn't.
But if you compare the Ray to something in its own price category, then I think it's a clear win. Like an Invicta Pro Diver. Orient has much more watchmaking heritage, Invicta has had horrible quality control problems in the past, Orients seem to be much more accurate out of the box, and the Invicta is basically just an exact copy of a Rolex Submariner with none of its own style.
(Note re: the above about Swiss watches. Just because they have certain features doesn't mean they're better in every way. For example, with the higher beat rate, they require expensive servicing much more frequently. No thanks, I'll go with the lower beat rate all day long.)