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I think the name is not great, it may even be bad

 

With Sea Dweller and Sky Dweller, the names have an aspirational quality to them because humans don't "dwell" in the sea or in the sky. Very few humans reside, in any significant way, in the air or in the sea. Being able to do so suggests you are a person who is living at the frontier as an explorer.
A land dweller is just the status-quo. It lacks the aspirational quality that is present through-out most of Rolex's line-up. Day-Date also lacks an aspirational quality, but Rolex is quick to let you know about the President Bracelet and the list of notable people who have worn one. Datejust is also lacking an aspirational name, but I think it is a bit different because Land Dweller is describing a person (presumably the wearer) whereas Datejust is describing a watch.
I get the Sea, Sky, Land, (Space...) naming theme, but I think something like Terra Dweller might've been better. Field Dweller would've been great other than this is clearly not a field watch!
However, because it is a Rolex, I am sure in a few weeks it will develop an American pop-culture-based nickname and it will only be rarely referenced by the Land Dweller name.

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