I agree. The stainless/ceramic/titanium I’ll offer one major factor over the aluminum, and that is the Sapphire display. I really think Apple should advocate more about that, because I think a lot of consumers don’t even know what sapphire is and it might be more for ‘selling point’ for someone to spend the extra money, especially given the Ion-X glass on the aluminum is junk.
Sapphire glass has a much more expensive manufacturing process and I doubt they would add it to the aluminium and absorb the additional cost. If the Apple Watch was not available for £399 then a lot of people, myself included wouldn’t give it a second look. I’d go back to a traditional watch. The glass currently is not as scratch prone as many like to suggest and I’m happy with it.