Hi Phil,
As Will said, it would be interesting to see what is inside.
Some of them movements are even Swiss, but I guess you'll find mostly Chinese inside. My first move will be to open the watch and check that all gaskets are good and add some silicon grease sealant to both the back and the crown gasket/tube. I would even go to the extent to seal the crystal by carefully adding special transparent crystal glue to the edges where it fits. In my experience -- with some of those I've come across, I don't own any -- is that their watertight properties are iffy at best. Even sweat can get inside, some will fog the crystal in no time at all even in storage by permeating the natural humidity of the room.
The printing mistake may give it away immediately but, who will really notice that?! For MOST people, that's a real Rolex!
Me, being as I am with watches, I see it as a nice watch that may need a little elbow grease to preserve it and help it last. Nowadays, even the cheapest Chinese movements are greatly improved so you may be able to enjoy the watch for some time to come...and if not, it is only little money!
As an after thought, I would service it completely right away just in case. Most of them are assembled in a rather careless environment.