Yes, it is a little box with a cardboard folder inside that features a cellophane see through cover. I would probably tape the sides to avoid the watch to slipping out.
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I traded the S3 in at the Apple Store "after the fact" (the S4 had be pre-ordered online and was delivered earlier this week). Apple did credit nevertheless against my credit card used for the purchase and honored the same amount quoted online. I did bring the S4 packaging though for them to easily link it to the purchase.
Thanks for the info. My outside box looks like it was stomped on
Thanks so much for posting this photo. Was a huge help!Got my Apple watch trade-in box yesterday. Everything seems pretty straightforward, I'll report back here if that changes. One thing I noticed, once I put my Apple Watch (no band, just case) under the protective film, there is a slight friction. The watch isn't shifting anywhere. Anyways, so far, so good.