Caveat, the box for a stainless steel refurbished model sold by Apple is identical to the aluminium/sport edition. I found out last week when I bought a refurbished Stainless Steel (white sport band) Series 2 from Apple. Also, the box only included the watch and the USB magnetic charger (no AC adapter). *sigh*
I've bought other refurb stuff from Apple before and it's pretty typical that refurbs don't get the fancy packaging of new items. But most people likely don't keep the packaging for long. I don't remember if the watch originally came with an AC adapter, though. (Mine's a launch-day series 0 38mm stainless).