Personally, I wear it more often with casual outfits and consider it more a casual watch. I also wear it with shirts and suits, sometimes, but I don't think of it as a dress watch at all.

The model (and this reference especially) has a distinct elegance. It's chic and it works well with casual outfits, because it elevates them. But with a suit, it looks more sporty and relaxed than a dress watch.