Regarding Lois getting a LoLex watch instead of the same kind as the other women, I figure this is another reflection of his obsession with her. Since there's no Rolex for him to have patterned the name after, I figure it's a combination of Lois and Lex.
Lois is probably lucky that Clark comes from a dimension with rolex. If he did not have that distraction, he would have caught onto the Lois + Lex aspect of the name, and be demanding even more that she give back the watch.
