I still don't understand some people's sense of entitlement... "Pitchorks and torches"? Really? How dare Apple continue to upgrade their products... No one is forcing you upgrade. Your Apple Watch will continue to work just fine after the 2nd Gen is released.
My Macbook is powerful enough to last me a few years so there is clearly no reason for Apple to keep releasing more powerful hardware until mine can't handle the most basic tasks.
Does anyone remember how large a jump the processor was from iPad 1 to iPad 2? iPad 1 lasted like 2 years and the iPad 2 is still alive and kicking here over 4 years later. And it's not just about processing improvements. It's battery life improvments (both from processor efficiency and making parts smaller for a larger battery), all kinds of new sensors. It just seems ludicrious to imagine that Apple won't update annually (give or take a couple months).
Now I agree that it's doubtful that an update will be released this sept/oct, but more for the reasons of constrained availability, on-going world-wide rollout, and getting back R&D investment on this model. But I still think an intriguing possibility (which is why I created this thread). I have no doubt that the watch will be on an annual cycle. In fact, if a new watch (internals) isn't released by next Holiday season (2016) I'll give everyone in this thread $100.