So $400 is something you are willing to pay for the FUNCTION of the Apple Watch. That's how you should have looked at it before, that's how you should look at it now. The Sport does what the SS does.
You pay $200 more for the SS. What do you pay for? You pay for the LOOK. That's the same now as it was a week ago. If $200 was worth the LOOK before, why not pay that much now?
You pay $100-400 more for the STRAP/BAND. Those function like LOOK, but you can use them for Gen2, Gen3 etc.
Personally, I just don't understand the whole "I don't want to invest in the SS model because of the reviews" mentality. The SS watch was never about functionality, it was an upgraded look. That hasn't changed at all. If it was worthwhile to spend $200 for a shiny watch case as opposed to a matte one last week, why not now? If you're really concerned with the reviews, there's really only one logical conclusion: DON'T GET THE WATCH. Or, just wait. But downgrading the look of the device because you plan to spend more on Gen2 doesn't make logical sense.