For US:
The $50 gift card will be refunded as an electronic gift card via email.
But tough call. Agreed, don't think anything new on the SE front. If anything, as mentioned by someone in a different thread, can see SE being new entry level, 7 mid-tier, 8 and 8 max new flagships. In line with how the phones sorta work (darn 11 still in the mix messing up my theory).
Might announce a Watch on 7th, but what if not available until October? What if supply constrained even on pre-order that Friday? What if a surprise an no announcement on the 7th?
SE currently fetches up to $105 for trade-in, so if buy an SE now, hang onto it until a new Watch is in hand, might be basically paying for two SEs when all said and done ($399-$105 + $279; assuming smaller case and full trade-in [though that might be lower trade-in due to smaller size]). Or buy now, return for refund on 7th, will be without for possibly a significant amount of time.
Me, I'd wait until the 7th to do anything unless someone else in the clan might want to inherit an SE.