Definitely light and thin.
I got the impression right away that corners had been cut to reduce the amount of material on the links. Maybe I'm used to the Tag links that give a much higher quality feel. I'm sure the Swiss watch makers are having a good laugh at that bracelet. Not much competition for them to worry about.
I am going with the leather loop and sport band combo, leather loop is the best band imo.
Reducing the amount of stainless steel would save an insignificant amount of money in the cost of the watch. The cost is nearly all in machining, polishing, and assembling. The cost of the stainless steel in negligible in comparison.
If Apple made the band thinner and lighter compared to current styles from the Swiss companies, it was to make it more comfortable, not to make it cheaper.
Maybe the Swiss Reality Distortion Field has convinced a lot of watch customers that big, chunky stainless steel bracelets are "high quality" just because of the extra weight. But if that extra weight doesn't satisfy an engineering need (strength, durability, etc.), then it's just fashion.
I see plenty of fashion reasons to prefer Apple's link bracelet more or less than a typical bracelet from Tag, Rolex, etc. But I haven't seen any quality reasons so far.
Some Swiss link bracelets have a fine-adjustment feature to change the size by a fraction of a link. The Apple bracelet doesn't have a fine adjustment, which is too bad.