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There’s a reason why it’s been the standard for decades. Reliable, slim, easily serviced, and can be made to run at chronometer spec without difficulty. I have a few watches with them in (and one or two more with the Sellita SW200 clone).
The only real weakness is that they don’t like being hand wound too often. The power reserve isn’t the best nowadays either, but then ETA make a slightly modified version that runs at 3hz (rather than 4hz) which results in an 80 hour reserve, under the Powermatic moniker in Tissots and others. Nivarox hairspring too.
IWC have used ETA/Valjoux movements for a long time. They only just replaced the ETA in their Mark XX last year, and it’s still an outsourced movement, just a different supplier that they’re calling in-house.
Not that it really matters but I’m 99% sure that Sandstrom has a 2824-2 in it. It’s not a bad movement at all, it just doesn’t really make sense to call it an IWC movement.