No, the watch is not new. I believe it is a gre market item as the warranty card was removed from the booklet and the cosc papers were not included.
I'm familiar with the typical action fo a 7750 mov't, I've owned about 20 of them
This one does change over correctly and flips at midnight as it should. My only complaint is that it is slightly low in the window. The day font touches the lower frame of the day window. This is consistent throughout all the days, and remains like this all day.
I really like this watch, although it is much smaller than what I am used to. The density (weight vs. size) is very high. It is a heavy watch, and this is evident by the quality of steel used, and it seems to be harder than other polished watches I've owned. there are very few swirlies on this one.