Sigh, so apparently several "resident experts" decided to jump all over my comment the other day about this not being "solid 18k gold". I realized that I did not bother to take the time to fully explain what I meant by it not being "solid 18k gold". Yes, thank you all for stating the obvious that 18k gold is not solid pure gold. That is part of what I was trying to say. I am aware of that and that it is mixed with other metals. Apple mentioned that they mixed it with metals in their intro to the watch. I was not referring to just that however and did not mean to make it seem that way.
What I was meaning without bothering to type a whole useless thing was that the casing may be mixed. In other words, maybe a casing within a case if that makes sense. This would allow the gold case to be fairly thin and keep costs down. It would not necessarily be plating that way. I, like many others here, think that if it is 18k gold casing solid through and through, it would likely be more than 1200$ given the size of the watch and the pricing of gold. Gold is gold. It is worth a certain amount to anyone, even Apple. Of course this all may be a totally moot point as this 1200$ price it totally speculation.
And yes, I do collect watches. And no, that does not make me some kind of watch expert, especially on an as of yet unreleased product. I just enjoy it. I like watches.
Edit: Actually on further consideration, one thing that would make this watch potentially very valuable to a collector would be if they made this edition limited, and serialized the numbers produced. Now that would sell like mad. Hum....