At first I thought stocking would be difficult because there are so many size & color combination. But at this point Apple should have enough repair data to be able stock the top 3 most repaired watches and keep just those in-stock. It makes for an inconsistent experience (some in-store, some mail-away) but having some happy customers is better than having all unhappy customers.
The vast majority of AW replacements involve just the watch case, as bands are less likely to become defective or accidentally damaged. They don't actually need repair data as they can stock just the watch case itself in the white box and transfer to the customer's existing band.
It'd actually be no different from any other iDevice white box replacements in that they include only the unit itself and not the accessories. The band is considered an accessory and hence won't be included anyway. We swap out accessories (cables, charger, etc.) separately.
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