David..
All true. I do have a mini light tent and 2 mini lights.. but I rarely use it these days, because I get good results from using my laptop as a light.
I know nothing about cameras, but for close up photos, Macro mode on a standard point n shoot is as good as any high end camera - that's not my opinion, but what I've read from fellow amateur watch photographers/enthusiasts.

I just took this pic 10 mins ago to illustrate the set up I use.. and no, I didn't knit the hat!! :0)
There are little tricks, like holding a large white envelop under the camera, this reflect light onto the watch case closest to me. I also use a piece of black card to block some light onto the dial etc etc. (I need 3 hands sometimes!!)
Then I edit light/contrast etc in Photoshop.

Stewart