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I'm in the same boat, but with the added factor of being prepared to buy a Sport Loop standalone anyway - since they only come bundled with the LTE models, I sort of see it as only an extra £20 (extra £70 over the GPS model less the £49 for a Sport Loop I would've purchased regardless) for a ceramic back, 16GB storage and LTE if I ever need it down the road.

Think I'll be going for the LTE model and just leave it unactivated for the time being.

That’s exactly my thought. Additionally I wonder if I can do an emergency call with this watch even if I leave LTE unactivated. Does anybody know this?
 
If you have a series 2 and don't want cellular just wait and see if the next series will offer even more speed and better options with a redesign.
 
Little update. Was out grocery shopping today and while at Target checked electronics and there were some Space Gray LTE watched sitting in the cabinet so I snatched one up to have while i decide what I am going to do.

I never mentioned this in my OP but I also have an unopened GPS only series 3 sitting at home waiting for me to make my decision.
 
If you have a series 2 and don't want cellular just wait and see if the next series will offer even more speed and better options with a redesign.

The next Apple Watch will likely as you said, will have faster LTE, a design is highly likely, and perhaps added display sizes as well. And I would like to see additional stainless color casing options as well, like a space gray stainless steel would be nice.
 
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