How Does one tell the difference a "low quality fake Rolex watch"and
"A very high quality fake Rolex watch?

Thanks for your question!

A poor fake is generally stamped with the Rolex logo and an issue
number, but the issue number never changes.  A good fake will change
the issue number on each fake.

As was mentioned, a good fake has a sweeping second hand, whereas a
poor fake's second hand will tick along the seconds.

A good fake is made with the same grade of metal as the real Rolex,
whereas a poor fake is often made with lower grade metal to save
money.  A good fake spares no expense in manufacture because almost no
matter what you spend on making the watch itself, you can charge much
more than cost at the time of sale. -- A poor watch is often sold with
the tacit understanding that it is a fake, and therefore the price is
somewhere around $25.

A good fake is sold by someone who has a shop and likely doesn't even
know the watch is a fake-- a poor fake is sold by someone from a
street shop that may feature socks, pirate DVDs, etc.

If you hold a real Rolex in your hand then a fake, you usually notice
that the fake weighs a considerable amount less.Maybe the difference
is less noticeable with a "good" fake.

A Rolex second hand sweeps smoothly around the dial, whereas a fake usually ticks.

chugs

Reputedly, a fake keeps better time.

I have had all three.  The poor fake discolored my wrist and the crown
fell off.  The good fake kept excellent time, had a true sweep-second
hand, had self-winding, and had authentic markings on the dial.  It,
however, was not fully waterproof.  Probonopublico is right--the real
one loses about two minutes a month, but it is a durable son of a gun.

Wow ... Right again!

Who else has got a 5 Star, 1,000 Ocrane, 2,000% Proof Record ...

And is also unbelievably handsome?

The Modest One.

But can't spell ...

Ocrane? Really, Bryan your spelling is ABYZMAL!

The easiest way to tell is if you can open the back, if the movement
is signed  rolex, look under the balance if its stamped ETA,its a
fake, if there colored wheels there mainly red its a Rolex, it doesn't
mean if signed rolex it is a rolex.some of them are very good fakes
but don't but them unless there are a reputable dealers, also rolex
stopped making quartz,
ask Jon at www.antiquewatchcouk.com

Rolex fakes are just too good these days to determine with
generalities such as "weight in the hand", timekeeping ability and
whether or not the second hand sweeps properly.  Using these
simplistic methods will eventually get you into trouble.

The best way to protect yourself from buying a fake Rolex is to arm
yourself with tons of pictures and details on the REAL Rolex models. 
One of the best sources of information I've found for doing this is
"The Rolex Report" by John Brozak.  I buy/sell hundreds of Rolexes
each year and I couldn't live without this book.  Tons of pictures of
Rolex models from every angle and a huge section on common fakes and
their flaws.

Greg