Hoping that Apple not release a new and improved version of anything seems irrational to me, so I have to question your motives. Here's what I think: you know in your heart of hearts that the Gen-1 watch you bought doesn't justify its cost, and seeing a better version come out further erodes the rationalizations you made when you bought yours.
I think you should take comfort in knowing that Version 2 is not going to cause Version 1 to suddenly become pointless (it already was), and that you got to enjoy playing with Version 1 while the rest of us waited for the one we could justify buying. We all need to get comfortable with the fact that these things are not heirlooms, despite the marketing hype, and that they will see regular, frequent updates. Buy the one that works for you, and move on.
I would buy a gen 2 watch on day one and pass mine onto a family member as I do with every other piece of Apple kit, which I also buy every year, iPhone, iPads, macs etc. My thoughts were they are doing things different with the watch, they have hidden its earnings, they are not reporting sales etc maybe the refresh cycles will be different, maybe the new models will be significantly different, different shape/straps/accessories etc and the first model will sell alongside it as the budget option, who knows. But at the end of the day, I don't care, I will buy it as I always do, being an Apple junkie