If his was already mentioned I apologize, I have read every comment in this thread (up to 6 pages ago since I was asleep) and I feel I need to put some theories to rest since from personal experience.
I live in the Bay Area, at 12:02 AM PST I ordered a "Black" Aluminum 42mm.
My neighbor (4 doors down) bought a "Black" Aluminum 42 mm and a stainless steel with a leather loop in 42mm at around 12:22AM PST (20 minutes past mine)
BOTH of his are preparing for shipment and mine is Processing.
My name starts with a T and last name starts with an M, his name starts with a V and last name starts with R.
So Alphabetically, I am first regardless of first or last name, we are next to each other, I bought one watch he bought two.
So there is absolutely NO reason for his to be preparing and mine to be processing, the odds are all in my favor and yet his is preparing and mine is processing.
Then only thing I do not know is if his credit card number starts with a lower number than mine to make his first in numerical order which I doubt will make a difference.
So to me, Apple has a big bag full of the pre orders, pulling random names and processing the orders and all the rest can go to hell.
If I hear of anyone who ordered theres after mine got theirs on the 24th and I don't, yes I will raise holy hell with Apple because it is just not right.