For the moment, I'll disregard the release schedule, AND I'll disregard how often I would purchase a new AW.
I've really liked having the nicer feel and finish of my SS model. It's more comparable to my other watches than the aluminum model would have been. The sapphire display and ceramic caseback are both pristine, and the steel case itself looks great, too.
I bought it with the intention of having it look nice on any strap or bracelet I might choose later. I got mine on the black Sport band and planned to eventually add Classic leather straps (one black, one brown) and the Link bracelet. I don't think the aluminum case looks good with anything besides the Sport band and the woven nylon straps.
However, I haven't bought any other straps yet. I've been going with the Sport band for nearly two years, and I can't find a justifiable reason to use anything else. It's comfortable, it's easy to put on, adjust, and take off, and it's durable -- it looks nearly the same today as it did when it was new.
If I bought a new one TODAY, I'd get the Series 2, primarily for its revised construction.
But if they take the Series 2's construction methods and use it in an aluminum case... yeah, my choice would become more difficult.