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Do you want a divers watch or one of the general / field type watches like the Alpinist?
Either way, a lot of the Prospex line has been pushed up to £800+ so if you want an automatic you'll be looking at one of the 4R movement equipped models like the basic Turtle (great watch but not small at 44mm), the Samurai, or the Monster (which I also really like).
The 6R-equipped Alpinists, some of which are as small as 38mm, start at about £600 RRP or £650 for the larger 39.5mm model with the compass bezel - but all can probably be found cheaper if you shop around.
Quality is very similar on all of them. The more expensive ones have slightly fancier movements (but not much), sapphire crystals instead of Hardlex (acrylic), and usually better finished cases and bracelets.
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Regal
Ok can someone school me on Seiko Prospex automatics? Say I want to spend about 400 GBP /500 USD on one what should I be looking at?