Some people can pull it off - but I think a lot of it is very crass too. I for one cannot pull it off, I seldom wear a watch either. I used to wear a cross around my neck (it's a sort of tradition in the family, and all Greek Orthodox (even non practicing) wear them) on a thin chain - it was very subtle. My father does, and he pulls it off, but then again he always has and so I don't see it as odd.
Wedding bands are obviously fine. Some family rings can look ok too. But lots of rings, or blingy crap I just don't get.
Bracelets you have to be able to pull it off as with chains and other forms of jewelry.
Earings I've never understood the interest of and frankly I find that a bit odd. Though strangely piercings are less odd to me - but I guess if a person can pull off numerous piercings it's a bit more part of the person's character than just having an earring or two "rocks" in your ears.
I think the problem is, that now a lot of this "bling" jewelry has been tarnished a bit by yobs and other low social standing members of society. Whereas an elegant bracelet, or chain could be a rather distinguished bit of decoration it is now a little desperate (to my eyes).
Unfortunately I'm going to have to sit more on the fence on this one and just say that some people it works for some people it doesn't. It's not for me though.