I’d never buy a first generation Apple product.
That said, I paid a premium for my iPhone 6plus.
When the Apple Watch 2.0 is introduced, I might look at it, but only the cheap one.
Problem is that high-quality watches are long-term investments. I could see myself buying a Rolex because I could wear it for my lifetime, then give it to my grandchild for his lifetime.
Even the stupid-expensive Apple Watch Edition has a 4-5 year lifespan.
I see the watch as a more comfortable way to collect personal athletic stats than the ipod nano, such as measuring walking/running/biking speed and distance. I tried the ipod nano, but I would prefer having an ipod watch as opposed to an ipod nano strapped on somewhere.