Here's my official summary of the service nightmare I went through with Omega.
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(This is a diary still in progress, so look out for updates.)

Throughout December 2002, the SMP started losing.

On January 27th, 2003, I brought it to the jeweller I got it from to have
it regulated. Daily loss was -12 seconds then. What I thought would be a
one-day job for my jeweller turned out to be something he couldn't do by
himself, for whatever reasons. He sent the watch to Swatch Germany, and
said I was going to have it back within two weeks.  

On March 5th (ever so slightly more than two weeks later), I got it back.
The day after that, I noticed that the watch was still losing, -11 seconds
during 24 hours.

On March 8th, I brought it back to the jeweller. He put it on the timer
(finally), and said that I would have it back by the end of the week, he'd
drop it off personally and have a talk with the chief of the Omega workshop
at Swatch in Pforzheim and so on. Of course, this one week turned out to be
another two full weeks.

On March 22nd, the SMP was back, and it gained +5 seconds per day. Perfect.

So far, so good.

On April 1st, I rigged up my photo studio to take a few nice pictures. I was 
shocked to notice that when I pulled out the crown, the seconds hand
wouldn't stop sweeping. I gave it a few more tries, and it seemed that the
hacking function was broken. The watch would only hack about half of the
time.

On April 5th, I sent snail mail to Omega in Bienne and complained about the
jeweller (authorized dealer, of course) and the quality of service in the
German workshop. I insisted on having the watch serviced in Switzerland
now, as I wasn't going to give it into Swatch Germany's hands again.

Only a single week later, I received a letter from Omega, offering me to
have the watch serviced in Bienne.

On April 17th, I shipped the watch to Bienne, where it arrived on May 5th,
according to Omega. 10 days for a 400 km trip (door to door from my home to
Bienne) aren't that bad, eh? ;-)

On May 25th, I talked to a guy at the Omega workshop, and he promised me 
that I'll have the SMP back by mid June in good as new condition. I'm 
really hoping for the best. At least the kind and cooperative people in 
Bienne have helped me to calm down on this issue a little bit. I was going 
to auction the damn thing off as soon as I get it back, but I'm quite a 
bit more relaxed now.

June, 7th. 366 days after the original purchase. The postman just delivered my
SMP. Omega have taken it through a full overhaul and included a bag with about 
a dozen parts that were replaced. All O-Rings, hands and crowns, along with 
springs, screws and stuff that I can't identify. Pretty surprising that a watch 
that was bought exactly a year ago needed so much work. I think I'll need to 
have a talk with the jeweller about that.

Now let's see how the watch behaves during the next days. The hacking problem
seems to be fixed, that's immediately apparent.

July, 4th. Everything still seems to be fine. The watch is a bit fast, but I 
haven't noticed any irregularities anymore.

Updated: July 4th, 2003