Well, for starters, Omega actually used to be considered more prestigious than Rolex back in the 1950s/60s. Not to say that Rolex was not a prestigious watch back then. However, the perception toward Omega began to change in the 1980s when Rolex became quite popular amongst the nouveau riche/young people with way too much money on their hands. Omega remains a quality brand, with recent solid achievements including the coaxial escapement (which interestingly enough, the inventor first put in his Rolex to test it out!), the Planet Ocean which has been a huge market success for them, and more recently the LE "Liquidmetal" bezel.
Having said this, Omega is not on par with Audemars Piguet. AP is more in the echelon of elite watch brands ex. Patek Philippe, Vacheron Constantin, etc. The fact that your boss lumped them together shows he's probably not that informed about watches (or, he thinks REALLY highly of Omega).
I personally wouldn't say that Philip Stein is on par with either of the other two brands mentioned. I wouldn't go as far as saying it's just another fashion watch, as fashion watch to me is something like a Fossil or Diesel watch. Philip Stein is at least known in the watch collector's world for their advertising of frequency technology. I don't know much about it and haven't read up on it, but supposedly it helps your sleep rhythms or something like that. I also occasionally see ads for Philip Stein watches in WatchTime magazine, and they look decent for their price point.
What I guess it comes down to is that no, I wouldn't put Philip Stein on par with Omega, and therefore by default not on par with Audemars Piguet. However, I think it's a nice gift to receive from your boss, even if he tried to make it seem like it was more than it is. I'd just enjoy it for what it is: a nice gift from your boss for CNY
btw, in case it wasn't apparent... I like collecting watches, haha.