I bought the first generation stainless steel Apple Watch on release build quality was phenomenal and I really loved the weighty feel to it and how shiny it was. It was really expensive though, and it didn't offer nearly the amount of usefulness as the iPhone did, so I ended up returning the product as it cost me almost $700-$800.
I ended up buying the iPad Pro soon after that instead with the money, which I love by the way! It's an excellent product and what I'm typing on at the moment (so excuse typos). I hardly ever use my 2011 MacBook Air anymore, although I do have a maxed out 2013 Mac Pro that I use at work if I need to do anything serious.
I wasn't a watch wearer myself, but I did really want an Apple Watch, so I decided to purchase a used Series 0 watch now that the prices have gone down due to the two new watches introduced. I got an aluminum watch for around $165 which I think is what the device is worth it to me at this price point. I do miss the weight and feel of the SS watch, but this one offers all of the same functionality, and this watch has the same design as the newer ones, so I just could not justify the higher price point of the new ones.
I would only get a newer one if I ran frequently and wanted to track my workouts with GPS, if I was a swimmer, or if I needed the extended battery life. But I don't, so this watch works well for me, and I don't use any third party apps, so the performance of the original processor is sufficient.
The watch is only really useful to me for these basic things: having the time and date at a glance, weather, message notifications, and controlling music. That's it! I don't use any of the other features regularly, but I am maybe going to start working out to use that feature, so that would definitely be invaluable. So if you're wary of the price and the usefulness that it can provide you, I recommend getting a pre-owned first generation watch. You can probably even find some very good deals on a stainless steel version, although just be aware that it's much more weighty and noticeable on your wrist during workouts as opposed to the aluminum watch. But the SS watches are very beautiful in my opinion.