Neither looked nor felt cheap during my try ons at the store. Of course, there is some level of subjectivity there but since I have great taste in all other areas we'll just agree that you're wrong. 
It somehow looks cheaper in real life than it does with Apple's photography. The way he pulled it out of the box it just looked like some cheap light plastic watch. I'm waiting to see the comments from people who own it over the next few days.