My biggest worry with this and all the other smart watches is the life-span, due to the battery, and the technology refresh - particularly for a 'luxury' versions.
I bought a mid-range rolex, not even a gold one, and it cost $8000 - but I expect it to last a LIFETIME. In fact, I'll be pretty pissed (posthumously) if one of my grand-kid's grand-kids isn't wearing it in the next century.
I think people are drastically underestimating the price of the 18K gold version. That is a chunky old case, I would not be surprised if the 48mm gold version came in at over $5000. Take a Rolex Daytona for example, the price premium from a stainless steel version to a gold version is at least $6000 - same design, same movement, it's all in the material. Gold costs a lot.
Now if I spend $5000 on a gold Apple watch, how long will it last?
Ok, in 2 years, the battery will be showing signs of wear. Apple will probably offer a replacement service. Lets say thats costs $250 every two years. That's not actually a big deal. Looking after a luxury watch requires servicing and cleaning that would cost about that much too.
But what happens after 5 years, when Apple announce the iPhone 11 is no longer backward compatible with Watch version 1? Now I have a useless lump of gold on my wrist.
Well I suppose... at least it IS gold and still actually worth it's weight in gold... It will actually be the guys with the $349 stainless steel version who will be holding something worthless