A few thoughts and comments on AW from someone who's read all the comments.
1. I don't understand how people say that AW4 and AW5 are the same thing! I guess these people never wore real watches prior to getting an AW, like I have 24/7/365 for 30-35 years or so. Always On screen is what finally, in my mind, allows one to call the AW a "watch".
2. All rumors seem to point to AW SE being in the "new" AW4/5 case/design. So it's relatively simple, it will be that case/design, it will be cheaper by having the older screen that does not allow for Always On; it will have a processor that's likely at least one (or possibly two) generation(s) behind AW6; it will surely be lacking some features like EKG and definitely the new oxygen sensor, but not sure how many other "fitness" related features will be taken out as Apple correctly now calls this a health/fitness device (especially if they're also rolling out a new fitness app w/ subscription), but they will likely take out a few other features out of it (for ex: does Apple still sell AW3 in LTE or is it just Wifi now?); it will surely be made either out of aluminum (cheapest material previously offered) or possibly but unlikely even some sort of plastic/polycarbonate.