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Nope, they are definitely not the same size. Shame on Apple for hiding those details.

http://www.redmondpie.com/apple-watch-series-2-vs-apple-watch-series-1-2016-specs-comparison/

10.5mm vs 11.4mm depth.
30g vs 34.3h weight.

Series 2 is an overweight bloated monster.
I don't really wear watches do I don't have much to compare it to. But I think that's a little extreme haha. The thickness difference is less than that of a US dime (it's actually almost exactly 3/4 a dimenif my maths are correct) People said the same about the 6s plus. It was heavier notably but it's my daily driver for a year now and will likely take her for another year. To each their own I guess.

Appreciate the link too by the way. Don't know why I thought both were bigger.
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As suggest by users. I'm unaware of Apple starting any names series with 0.
It's like calling the original iPhone the iPhone 2g. Never officially sanctioned, but the name pretty well stuck. I admit the nomenclature is odd.
 
Series 1 and original AW aren't exactly the same size either. Height and width are very slightly different, but thickness is the same at 10.5mm. However, the difference is negligible just like the slight variation in size that we get between main model and "S" model iPhones.

Original AW (42mm)
Height: 42.0mm
Width: 35.9mm
Depth: 10.5mm

Series 1 (42mm)
Height: 42.5mm
Width: 36.4mm
Depth: 10.5mm
 
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