So if you paid $10,000 for an Apple watch, how would you feel if some bozo who paid $349 for his got the same benefit/looks/compliments/envy/etc.?
The whole reason you pay $10,000 for a watch is to show off how wealthy you are. If you aren't superficial, you'd not pay 20x the price for an item because of its color. So yes, its safe to say you are mega superficial and willing to put your money where your mouth is if you're buying the Edition.
And if there is no looks difference (except perhaps on close inspection) over the model that costs $349, you'd be pretty mad I am sure because then it wouldn't be obvious that you're rich to people who see your watch, which is the whole reason you bought it to begin with.
If it looks the same/very similar to a casual observer from 6 feet away then it will cause rage for those who paid 5 figures for theirs.