When Montblanc first started their foray into making watches ten years ago, I scoffed, they were simply other watches rebranded and re-cased to be marketed as a different watch, thus capitalizing upon Montblanc's image. As a fountain pen collector, I was so certain that Montblanc would always remain a pen company.
Today, this is no longer true, Montblanc is a true player in the watch world with its own manufacture movements and the impressive Villeret line which is of the highest quality, in many ways surpassing even the most revered and famous brands. From a business perspective, the sales of timepieces has already surpassed the sales of writing instruments (in dollar value) for a few years.
I completely agree with your analogy comparing Villeret and Montblanc with Lemania and Breguet. I think in the coming years, we will see a substantial increase in the appreciation of Montblanc timepieces. Surely enough to further legitimize the brand that was once affiliated with writing instruments.