Guys -
Unless someone here knows exactly how many watch components Apple ordered, in what combinations they were ordered, how many components were delivered to production, how many were produced, how many passed quality assurance, how many they expected to be delivered to them, how many were actually delivered, whether or not their were issues in the supply chain, whether or not there were issues in the shipping, whether or not any of those issues were foreseeable, how many were pre-ordered, when they were pre-ordered, where they pre-ordered, how many they expected to be pre-ordered, when they expected them to be pre-ordered, and where they expected them to be pre-ordered, you do no have enough information to say "why didn't Apple just do X, Y, or Z." You have no idea what they did or didn't do and a few hundred (AT BEST) anonymous reports on a web form (which by the way would represent somewhere in the vicinity of .00005% of overall orders) is not enough to tell you ****.
You chose to stay up late to order it, despite no one guaranteeing you that you would get the model you wanted by today. You had a choice to not buy the watch or buy a different model when you saw the ship date. You staying up increased the likelihood of you getting what you wanted faster then someone who didn't, but that is it (which BTW is why I did not stay up). If you expected something other then what Apple promised you then thats entirely on you. If they had supplied the stores, it would have meant far fewer people who pre-ordered would be getting watches today, and that each model would have been in such short supply at the store that it would have been tough to get the one you wanted.
Lets not forget that due to some combination of supply and demand (and you don't know which or the variables underlying either), a lot of people who had 4-6 week ship dates are getting watches today. That is a win for Apple, not a loss. Just because you aren't getting yours doesn't mean everyone else should have had to have waited.
To those getting their watches, I am immensely jealous. If I was pissed, I would be an absolutely ridiculous person.