Your opinion is correct, and it's one that I partially share depending on the perspective. A nice gold watch with interchangeable high-quality bands, and what we could describe as free advanced features, well not suddenly become obsolete next year.
However, because this product is designed more as a piece of technology with elements of traditional watchmaking, as opposed to the opposite approach, I'm speaking for the majority of people in saying they will covet the next generation. Apple will likely institute some upgrade mechanism where they open the watch and stick in new hardware, swap devices and melt down the gold on the old one, etc. So I'm sure they're tackling it, but until they clearly define the upgrade process, anyone who is stretching to buy this item will likely buy a base model or wait for v2.
Apple is probably differentiating themselves with the highest tier, as opposed to expecting a large profits from the gold watch. Let's be honest here though, and give Apple credit for designing an identical product which doesn't add complexity when all you're doing is swapping the case.
Yep...
Jus to add, I think the upgrade cycle for the watch, at least from the first to the second generation tends to be greater than we are used to in order to avoid this wait approach from possible buyers...
I think it is not unreasonable that they skip end of 2015 upgrades to some mid 2016...
Nevertheless... I am starting to like this watch more and more after reading and thinking about it.