This is nothing like the first AW launch. That was a train wreck. Manufacturing was at fractional capacity, and Apple had very little stock for the pre-order deliveries. It took like two months just to fulfill the first day of pre-orders. Stores did not get inventory until like three or four months after launch. This time, stores had inventory on launch day, and stores continued to receive inventory regularly.
In some respects, your correct. I was fortunate enough where I and many others did receive their Gen 1 order on launch day, where as to others, it took weeks. I will say Apple did gain on inventory and many customers who were predicted a late ship date, did receive their order way ahead of schedule.
Apple did not plan well for the preorder launch for the Gen 1 launch, being the uncertainty of the popularity of the Watch and they were not allowing Store preorders, which was a trial and error chance, thanks to Angela Ahrendts.
The difference between the Gen 1 Launch and Gen 2 launch is not different in terms of inventory. Gen 2 has very limited stock in stores and third party vendors are completely strained. Gen 2 is still showing a mid November delivery date, and this is coming from someone who preorders on the minute. Apple constrains inventory on launches for thier own reasons, but they always seem to gain ahead and shipping earlier than the expected delivery date. It's this way with their whole product line.
The Gen 2 launch was better in terms as far as customers buying the Gen 2 in stores and receiving shipments, but still lacking in terms of fulfilling orders and third party big box stores.