I bought the Milanese loop knock off for my wife. looked great, but 30 days in it was tarnishing. She threw it away and we got her an Apple band (a different one). We agreed not to do knock offs again. The prices are high, but there does seem to be some justification - quality, fit, material, feel.
I have a black milanese loop from Amazon for $20 that I paired with my space grey Sport. It's awesome with no problems after three months of wear. The stainless steel milanese may be harder to produce, but I can attest to a black one being just fine. Unless you have cash to burn it makes no sense to spend $599-$699 on a black SS, just go with a sport for the first gen. I haven't looked in a while but would like to get a black link bracelet too. I'm sure the Apple bands are top-of-the-line, but spending $100s on them is silly not knowing how future proof they will be.