For those debating the value of the Hermes model vs. buying a SS + an Hermes band:
Just for clarity and accuracy, the watch is not the same as the SS watch. It has different engraving on the back (i.e. it says Hermes). Not saying that that in and of itself is worth anything per se. But buying a SS does not get you the exact same case. I would say that's worth "something" though wouldn't place an especially high amount of money on it. Apple charges $10 more for damage incidents to an Hermes/edition than it does a regular SS under AC+. So call it worth $10.
We can debate the value of the watch face, but I'd argue it's non-zero, and probably also around $10. I'm sure when they sell 3rd party faces they'll be $.99 and free on the main, but any real/authorized watchmaker 1st party providers that provide them will do so for a premium.
Also, the orange sport band it comes with is a $49 value (if you buy 1st party straps), more if you consider that it's not available separately, so that shrinks the price difference further. I might say it's another $10.
Finally, the included added warranty coverage is the equivalent to buying a $49 AC+ policy for a regular SS.
So that's $128 in added value, give or take.
That still leaves a price gap obviously. For some, the added experience, the orange box, etc. is worth it. For others not so.
But it never ceases to amaze me how people love to criticize the way others spend money, as if they have a monopoly on human understanding.
And finally, anyone who believes that the Hermes leather bands are the same quality as the $50 ones on Etsy, or the $5 ones on Amazon, have obviously never held, touched, or worn one. They're not even close and it's obvious.