My dates are different, but the deltas are the same--I have activity on 2/3/13 May and was received on 14 May. I can't imagine it taking 11 days to put a band on it and get it to the USA. Instead, I think one of two things:
(1) bands are delaying everything on every SKU. Certainly mine (leather loop) seemed to be a band delay, but perhaps even sport bands are causing delays
OR
(2) the internals of the watch are assembled and bench tested prior to going down the final case assembly line. It takes 12 days from logic board/S1 assembly to final packaging.
Body needs a band then he correct country specific charger then it's correct box by country/band type. Then it needs its paperwork for travel then off it goes in its many boxes to wait on a pallet for other watches before its then loaded.
Issue is... Apple made the watch complicated.