Even if you're not impressed by the Swiss made watches, you certainly won't be able to hand down your smart watches to your children or grand children as heirlooms.
The thing is, for a generation/group who wouldn't be doing this anyway, it's not a problem. Lots of us don't wear watches at all - and most people I know who do did not buy them intending them to be heirlooms.
I won't be able to pass my laptop or phone onto my son, and not doing this with a computer that happens to be worn on the wrist like a watch doesn't phase me much either.
I don't think Apple is selling a product to those who own a mechanical watch, but to those who have decided they don't need a watch, because their iPhone tells them the time. Those customers aren't going to be fussed about passing a watch along to their children and grandchildren, or about it lasting a lifetime, or about it needing to be charged daily.
There's no point in turning smart watches into fashion items that become digitally obsolete in less than a couple years which is what Apple is doing. Once a product becomes a piece of electronic technology, it deprecates in value.
There is no difference in function between Apple Watch Sport and Apple Watch Edition, so if all you're buying into is the technical side of things, you can spend a much smaller amount of money.
If you want to spend $10,000 on the Edition because it's made of solid gold, that won't become "obsolete" in a year. It will still be made of gold then, and look the same, and function the same.
The newer Apple Watch will have newer features, sure, but that isn't a problem in the mechanical watch world. They only tell time. Newer watches don't come with newer features.
Apple Watch has to reflect fashion because it's being worn.
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