It’s still a decent watch compared to alternatives but I’d avoid the higher priced models given support is now only expected to be about 3 years like the Pixel Watch.
So now’s a bad time to buy the Ultra and other watches more than the SE and possibly base model.
If you look at the matrix on
Wikipedia, the number of years is all over the place, four or five years. Didn't dive into "why" four or five, but quick glance, SE 1 has previous year's AW5 processor, so no more updates when S5 went off support (5=5yrs, SE1=4yrs).
Ultra 2 might get OS 28... or not. U3 should get two more updates at minimum.
But ditto the avoid the pricier models unless have a real need for it. Personally, never saw the need or had the desire for Hermes versions, Ultras, Edition Series, etc. I do what
@washablemarkers did, get the current year's model 6-7 months down the road when they are $100 off on Amazon (S10 for me, so probably at least two more years of software [27, 28] and probably won't be missing anything that 29 brings if S10 is dropped for it).
(ADD: and next year my 13 Mini might be out of software support as well, so, 28 or 29 might be a moot issue as no Watch App to talk to latest WatchOS-es [though guessing have two years here as iOS 27 does phone 11 and newer])