There are two things here:
1. I don't think the photographs on Apple's website do any of the models justice, especially the Sport. Many reviewers have commented on this and said that you'll be blown away when you see/wear one in person.
2. My take on the Sport is not that it looks cheap, but that it looks more utilitarian for an active lifestyle. It is the opposite of the fashion-forward flashiness of the Watch and Edition models. Depending on your taste and needs, one may serve you better.
I'm not buying a Sport because I can't afford the SS, I'm buying it because it fits my desired aesthetic and usage needs. For many people, a look that says "I'm active, fit, and healthy" is worth more than whatever the SS says about you, even if it is cheaper at the time of purchase.