I just visited a Louis Vuitton store recently and saw that they sold watches. I wasn't able to get much info about it from them so I was wondering:
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No personal experience but they've been taking their watches a lot more seriously over the recent years. I'd say their main competition currently in terms of potential customers are Montblanc, Hermes, and Chanel, which also produce very good watches.
I'd place them above Gucci, Versace, and many other fashion houses. Don't think they've quite earned the status to rival Cartier or Bulgari yet, even if LV has been producing some pretty interesting and wild watches.
Their new watches should be "in-house"as they acquired La Fabrique du Temps. Quality should be up there too.
If you're looking for more modern take on watches, I think LV would be very interesting to own. Definitely has a lot of character compared to many other watches trying to be serious yet falling short and end up looking boring.