I still have my two iPhone boxes (4S & 5s) and my iPad Air box. I did toss out my 3rd Gen. iPod box, but I've been a good boy since.
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It's probably for the "cheap" model which I believe is the sport watch/edition. To be honest, I would appreciate a nicer looking case, but it's not the end of the world if that's the actual case.
Hope so. It's not super important or anything but if you spend a grand on a watch, a "luxury" watch they always come with a nice little case. A plastic clamshell is .... not it.