Gene,
To address a couple of the points raised, it's very likely that your Rolex does, in fact, have tritium hands and indices. Take a look at the very bottom of the dial and you may see in extremely tiny letters something like "T<25". Even if these markings aren't present, there's still a good chance the hands are tritium, but if the markings are there, then you know for a fact you have tritium on your Rolie.
As JohnG mentioned, Luminova is one of the newer, non-tritium enhanced, luminescence compounds. For whatever reasons, some countries are now restricting the importation of "radioactive" materials, which tritium, despite its relative harmlessness, technically qualifies as. These rulings have really opened up the market for products such as Luminova. In my experience, Luminova tends to glow very brightly initially, but gradually decreases in luminosity until its next exposure to light. Tritium, on the other hand, especially once its a few years old, is not nearly so bright initially, but will maintain this level regardless of exposure to light.
If you happen to own a tritium watch and a Luminova watch (and enjoy experiments), I would suggest putting both in a light proof container some evening and then setting your alarm clock for 4:30 in the morning. Once the alarm goes off, remove the watches from the container and view both under the bedcovers, or in as near total darkness as you can muster. You may be surprised how much brighter the tritium appears under these circumstances. I understand when you say that it seems as though the tritium illumination on your Rolex is useless (and, in truth, your Rolex is old enough that the tritium actually has lost a significant percentage of its luminescence), but the fact of the matter is that there are few places left in this country where it actually gets dark enough at night for the tritium hands to show somewhat brightly. In total darkness it's often a different story, however.
The Luminox brand tritium vial watches are ingenious because they actually combine the best elements of both. The insides of those glass vials are coated with a phosphorescent compound not unlike Luminova. The tritium within the vials doesn't glow on its own as much as it continually energizes the aforementioned phosphorescent coating. It's essentially the same effect you would see if the hands on a Luminova watch were being constantly exposed to visible light. And yes, these are definitely an order of magnitude brighter than any other non-electric illumination systems.
I agree that it would be fantastic if you could retrofit your non-Luminox watch with Luminox style tritium vial hands. The one thing you have to bear in mind, however, is that the glass vial hands are significantly thicker than most normal watch hands. In many cases, there's simply not enough room between the dial face and the underside of the crystal to accomodate these hands. Some get around this problem by also installing an aftermarket domed acrylic crystal. I personally don't like the acrylic crystals because I don't really care for the domed look, and because they scratch so easily, but the military watch buffs absolutely love them and would respond by saying that most scratches can be somewhat easily polished out.
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Semper Fi
-Bill