Universally, people report the alarm is hard to set and it is not covered in the generic user manual. I found two videos that show how to set the alarm. I should add--the reason people report the alarm is hard to set is because the user manual doesn't tell you how. the video shows it is actually pretty easy. movement is ronda 5130D. Uses a 395 silver oxide battery with life of 48 months. The movement actually has a second hand built into a third dial position, but this victorinox did away with the second hand for asthetics and logo placement. As a result, when the chono is not running, there is no second hand indication during normal time reading.
http://www.watchfreeks.com/102-victorinox-swiss-army/200650-put-chrono-classic-xls-model-241280-a.html
update: I got the watch and it is really easy to set the alarm. you do have to calibrate the alarm time with the normal time when you get the watch. After this, all the alarm setting and turning the alarm on and off is done via the right lower button. the instruction manual PDF linked below explains it well.
lobsterupdate on this watch: I don't wear it anymore because the large chronograph second hand often gets moved out of alignment with 12 even with moderate bumps. I think the hand is just too large and weighty for the motor. not hard to re calibrate, but annoying.
update: I got the watch and it is really easy to set the alarm. you do have to calibrate the alarm time with the normal time when you get the watch. After this, all the alarm setting and turning the alarm on and off is done via the right lower button. the instruction manual PDF linked below explains it well.