The problem (as I see it), is that the three current versions, Sport, Watch and Edition are all the same design with the same internals, even if they're made of different materials and colors. Frankly, there is not enough differentiation between them, because they all look the same and function the same. When you look at the traditional watch market, there are thousands, tens of thousands, of watch case designs, yet Apple can only come up with one basic design and then think they're in the fashion business?
Another thing is that their not offering any round designs, even if the shape challenges the rectangular design standard of iOS (WatchOS could have been anything they wanted it to be), is short-sighted thinking. I only say this in the context of Apple thinking they're part of the fashion industry. Fashion always pushes design, more so than most other product categories, and the changes happen quickly and frequently, yet all Apple can do is have one basic watch design and add a few watch band options over the course of a year?