I think it's crap. If I walk in off the street asking to buy a $17,000 watch are they seriously going to turn me away ?
My guess is that's a little different.
Apple may be dealing with a situation where they expect, say, 2 million to buy within the first month and have only 1 million available at launch. Unlike the iPhone, people will want to "try on" the Watch, etc. so with 15 minute appointments they can't handle 1000 people showing up on 5th Avenue on the 24th expecting to buy one.